Cover page
Cover page | 12 Months Ended |
Dec. 31, 2023 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, 2023 |
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 | 2,944,733,144 |
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 | 2023 |
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 ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENT OF INCOME [Abstract] | |||
Revenues | $ 106,848 | $ 149,004 | $ 88,744 |
Net income/(loss) from equity accounted investments | (1) | 620 | 259 |
Other Income | 327 | 1,182 | 1,921 |
Total revenues and other income | 107,174 | 150,806 | 90,924 |
Purchases (net of inventory variation) | (48,175) | (53,806) | (35,160) |
Operating expenses | (10,582) | (9,608) | (8,598) |
Selling, general and administrative expenses | (1,218) | (986) | (780) |
Depreciation, amortisation and net impairmen | (10,634) | (6,391) | (11,719) |
Exploration expenses | (795) | (1,205) | (1,004) |
Total operating expenses | (71,404) | (71,995) | (57,261) |
Net operating income/(loss) | 35,770 | 78,811 | 33,663 |
Interest income and other financial income | 2,449 | 1,222 | 38 |
Interest expenses and other financial expenses | (1,660) | (1,379) | (1,223) |
Other financial items | 1,325 | (50) | (895) |
Net financial items | 2,114 | (207) | (2,080) |
Income/(loss) before tax | 37,884 | 78,604 | 31,583 |
Income tax | (25,980) | (49,861) | (23,007) |
Net income/(loss) | 11,904 | 28,744 | 8,576 |
Attributable to shareholders of the company | 11,885 | 28,746 | 8,563 |
Attributable to non-controlling interests | $ 19 | $ (3) | $ 14 |
Basic earnings per share (in USD) | $ 3.93 | $ 9.06 | $ 2.64 |
Diluted earnings per share (in USD) | $ 3.93 | $ 9.03 | $ 2.63 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Consolidated statements of comprehensive income [Abstrct] | ||||
Net income/(loss) | $ 11,904 | $ 28,744 | $ 8,576 | |
Actuarial gains (losses) on defined benefit pension plans | (276) | 461 | 147 | |
Income tax effect on income and expenses recognised in OCI | [1] | 66 | (105) | (35) |
Items that will not be reclassified to the Consolidated statement of income | (211) | 356 | 111 | |
Foreign currency translation effects | (587) | (3,609) | (1,052) | |
Share of OCI from equity accounted investments | (113) | 424 | 0 | |
Items that may subsequently be reclassified to the Consolidated statement of income | (701) | (3,186) | (1,052) | |
Other comprehensive income/(loss) | (911) | (2,829) | (940) | |
Total comprehensive income/(loss) | 10,992 | 25,914 | 7,636 | |
Attributable to the shareholders of the company | 10,974 | 25,917 | 7,622 | |
Attributable to non-controlling interests | $ 19 | $ (3) | $ 14 | |
[1] Other Comprehensive Income (OCI). |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Noncurrent assets [abstract] | |||
Property, plant and equipment | $ 58,822 | $ 56,498 | |
Intangible assets | 5,709 | 5,158 | |
Equity accounted investments | 2,508 | 2,758 | |
Deferred tax assets | 7,936 | 8,732 | |
Pension assets | 1,260 | 1,219 | |
Derivative financial instruments | 559 | 691 | |
Financial investments | 3,441 | 2,733 | |
Prepayments and financial receivables | 1,291 | 2,063 | |
Total non-current assets | 81,525 | 79,851 | |
Current assets [abstract] | |||
Inventories | 3,814 | 5,205 | |
Trade and other receivables | [1] | 16,933 | 22,452 |
Derivative financial instruments | 1,378 | 4,039 | |
Financial investments | 29,224 | 29,876 | |
Cash and cash equivalents | [2] | 9,641 | 15,579 |
Total current assets | 60,990 | 77,152 | |
Assets classified as held for sale | 1,064 | 1,018 | |
Total assets | 143,580 | 158,021 | |
Equity [abstract] | |||
Shareholders' equity | 48,490 | 53,988 | |
Non-controlling interests | 10 | 1 | |
Total equity | 48,500 | 53,989 | |
Noncurrent liabilities [abstract] | |||
Finance debt | 22,230 | 24,141 | |
Lease liabilities | 2,291 | 2,409 | |
Deferred tax liabilities | 13,345 | 11,996 | |
Pension liabilities | 3,925 | 3,671 | |
Provisions and other liabilities | 15,304 | 15,633 | |
Derivative financial instruments | 1,795 | 2,376 | |
Total non-current liabilities | 58,890 | 60,226 | |
Current liabilities [abstract] | |||
Trade, other payables and provisions | 11,870 | 13,352 | |
Current tax payable | 12,306 | 17,655 | |
Finance debt | 5,996 | 4,359 | |
Lease liabilities | 1,279 | 1,258 | |
Dividends payable | 2,649 | 2,808 | |
Derivative financial instruments | 1,619 | 4,106 | |
Total current liabilities | 35,719 | 43,539 | |
Liabilities directly associated with the assets classified as held for sale | 471 | 268 | |
Total liabilities | 95,080 | 104,032 | |
Total equity and liabilities | $ 143,580 | $ 158,021 | |
[1] Of which Trade receivables of USD 13,017 17,334 Includes collateral deposits of USD 1,572 participating. The corresponding figure for 2022 is 6,128 |
CONSOLIDATED BALANCE SHEET - (P
CONSOLIDATED BALANCE SHEET - (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Consolidated Balance Sheet [abstract] | ||
Trade Receivables | $ 13,017 | $ 17,334 |
Collateral deposits | $ 1,572 | $ 6,128 |
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, 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 | 39,010 | 14 | |
Net income/(loss) | 28,744 | 28,746 | 28,746 | (3) | |||||
Other comprehensive income/(loss) | (2,829) | 356 | (3,609) | 424 | (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 | [1] | 53,988 | 1 |
Net income/(loss) | 11,904 | 11,885 | 11,885 | 19 | |||||
Other comprehensive income/(loss) | (911) | (211) | (587) | (113) | [1] | (911) | |||
Total comprehensive income/(loss) | 10,992 | ||||||||
Dividends | (10,783) | (10,783) | (10,783) | ||||||
Share buy-back | (5,685) | (42) | (3,037) | 2,606 | (5,685) | ||||
Other equity transactions | (13) | (3) | (3) | (10) | |||||
Equity ending balance at Dec. 31, 2023 | $ 48,500 | $ 1,101 | $ 0 | $ 56,521 | $ (9,442) | $ 310 | $ 48,490 | $ 10 | |
[1] 1) presented as part of OCI from equity accounted will be included in retained earnings. |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Cash flows from (used in) operating activities [abstract] | ||||||
Income/(loss) before tax | $ 37,884 | $ 78,604 | $ 31,583 | |||
Depreciation, amortisation and net impairment losses | 10,634 | 6,391 | 11,719 | |||
Exploration expenditures written off | (53) | 342 | 171 | |||
(Gains)/losses on foreign currency transactions and balances | (852) | (2,088) | (47) | |||
(Gains)/losses on sales of assets and businesses | 8 | (823) | (1,519) | |||
(Increase)/decrease in other items related to operating activities | [1] | (1,313) | 468 | 106 | ||
(Increase)/decrease in net derivative financial instruments | 1,041 | 1,062 | 539 | |||
Interest received | 1,710 | 399 | 96 | |||
Interest paid | (1,042) | (747) | (698) | |||
Cash flows provided by operating activities before taxes paid and working capital items | 48,016 | 83,608 | 41,950 | |||
Taxes paid | (28,276) | (43,856) | (8,588) | |||
(Increase)/decrease in working capital | 4,960 | (4,616) | (4,546) | |||
Cash flows provided by operating activities | 24,701 | 35,136 | 28,816 | |||
Cash flows from (used in) investing activities [abstract] | ||||||
Cash used in business combinations | (1,195) | 147 | (111) | |||
Capital expenditures and investments | (10,575) | (8,758) | (8,040) | |||
(Increase)/decrease in financial investments | 443 | (10,089) | (9,951) | |||
(Increase)/decrease in derivatives financial instruments | (1,266) | 1,894 | (1) | |||
(Increase)/decrease in other interest bearing items | (87) | (23) | 28 | |||
Proceeds from sale of assets and businesses | 272 | 966 | 1,864 | |||
Cash flows provided by (used in) investing activities | (12,409) | (15,863) | (16,211) | |||
Cash flows from (used in) financing activities [abstract] | ||||||
Repayment of finance debt | (2,818) | (250) | (2,675) | |||
Repayment of lease liabilities | (1,422) | (1,366) | (1,238) | |||
Dividends paid | (10,906) | (5,380) | (1,797) | |||
Share buy-back | (5,589) | (3,315) | (321) | |||
Net current finance debt and other financing activities | 2,593 | (5,102) | 1,195 | |||
Cash flows provided by (used in) financing activities | (18,142) | (15,414) | (4,836) | |||
Net increase (decrease) in cash and cash equivalents | (5,850) | 3,860 | 7,768 | |||
Foreign currency translation effects | (87) | (2,268) | (538) | |||
Cash and cash equivalents at the beginning of the period (net of overdraft) | 15,579 | [2] | 13,987 | [2] | 6,757 | |
Cash and cash equivalents at the end of the period (net of overdraft) | [2] | $ 9,641 | $ 15,579 | $ 13,987 | ||
[1] The line item mainly consists of provisions, unrealised included in increase/(decrease) in working capital within interest income and expense included in the line related to inventory of USD 672 822 ) million in redetermination settlement for the Agbami field. At 31 December 2023 and 2022 cash and cash zero . At 31 December 2021 cash and cash equivalents included a net overdraft of USD 140 |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS - (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 0 | $ 140,000,000 |
Interest paid [abstract] | |||
Capitalised interest | 468,000,000 | 382,000,000 | 334,000,000 |
Total interest paid | $ 1,510,000,000 | $ 1,129,000,000 | 1,032,000,000 |
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, 2023 | |
Organisation [Abstract] | |
Organisation | 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 businesses. 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 2023 March 2024 and is subject to approval by the annual general meeting on 14 May 2024. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting policies [Abstract] | |
Accounting policies | 2 Accounting policies Statement of compliance The Consolidated financial statements of Equinor ASA and its subsidiaries (Equinor) have been Accounting Standards as adopted by the European Union (EU) and with IFRS Accounting Standards Accounting Standards Board (IASB), IFRIC® Interpretations issued by IASB and the additional requirements Accounting Act, effective on 31 December 2023. 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 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 The line items included in Total operating expenses in the Consolidated statement of income are presented as a combination of function and nature in conformity with industry practice. Purchases [net of inventory variation] impairments are presented on separate lines based on their nature, while Operating expenses expenses as well as Exploration expenses are presented on a functional basis. Significant are presented by their 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. Foreign currency translation Foreign exchange differences arising on translation of transactions, assets and liabilities to the functional currency of individual entities in Equinor are recognised in the Consolidated statement of income as foreign exchange 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. When preparing the Consolidated financial statements, the financial statements of entities with functional currencies other Group’s presentation currency USD are translated into USD, and the foreign exchange differences are recognised separately in Consolidated statement of comprehensive income within Other comprehensive income (OCI). The cumulative amount translation differences relating to an entity is reclassified to the Consolidated statement of income and reflected as a part of loss on disposal of that entity. 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, amortisations 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, instruments, and other interest-bearing items are all presented net as part of Investing activities, either because financial investments and turnover is quick, the amounts are large, and the maturities are short, -------------------------------------------------------------------------------------------------------------------------------- Accounting judgement and key sources of estimation uncertainty The preparation of the Consolidated financial statements requires management to make accounting assumptions. Information about judgements recognised in the Consolidated financial statements is described in the following notes: Note 6 – Acquisitions and disposals Note 7 – Total revenues and other income Note 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 Note 3 – Climate change and energy transition Note 11 – Income taxes Note 12 – Property, plant and equipment Note 13 – Intangible assets Note 14 – Impairments Note 23 – Provisions and other liabilities Note 26 – Other commitments, contingent liabilities and contingent assets -------------------------------------------------------------------------------------------------------------------------------- Adoption of new IFRS Accounting Standards, amendments to IFRS Accounting Standards New IFRS Accounting Standards, amendments to IFRS Accounting Standards and IFRIC Interpretations effective and adopted Equinor from 1 January 2023 do not have significant impact on Equinor’s Consolidated includes among others IFRS 17 Insurance Contracts and amendments to IAS 12 International Tax Reform – Pillar Two Model Rules (top-up tax). IFRS Accounting Standards, amendments to IFRS Accounting Standards, either not expected to materially impact Equinor's Consolidated financial statements upon adoption or are Equinor has not early adopted any IFRS Accounting Standard, amendments to IFRS Accounting Standards, or IFRIC issued, but not yet effective. |
Climate change and energy trans
Climate change and energy transition | 12 Months Ended |
Dec. 31, 2023 | |
Climate change and energy transition [Abstract] | |
Climate change and energy transition | 3 Climate change and energy transition Risks arising from climate change and the transition to a lower carbon economy Policy, legal, regulatory, financial performance. Shifts in stakeholder focus between energy security, affordability and sustainability add uncertainty to delivery and outcomes associated with Equinor’s strategy. In its long-term planning, Equinor analyses how the global energy markets may develop, such as future changes in demand for Equinor’s products (oil, gas and are presented in a table below, including the World Energy Outlook 2023 (WEO) scenarios presented by International Energy Agency (IEA), and in 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 potential vulnerability of Equinor’s assets to climate-related perils in different climate change scenarios. Equinor’s and climate related ambitions are responses to the challenges and opportunities presented by the summary of relevant risks and risk adjusting actions: Risks – upsides and downsides Risk adjusting actions Transition risks ● Stricter climate laws, regulations, as adverse litigation outcomes could adversely impact Equinor's financial results and outlook, including the value of its assets. These might be direct impacts, or indirect impacts through changes in consumer behaviour or technology developments. ● Changing demand and more cost-competitive solutions for renewable energy and low-carbon solutions represent both threats and opportunities for Equinor future value creation and the value of Equinor’s assets. ● Multiple factors in the energy transition contribute to uncertainty in future energy price assumptions and changes in investor and societal sentiment can affect Equinor’s access to capital markets and financing costs. ● policy support, and different commercial/contractual models may lead to diminishing returns within the renewable and low carbon industries and hinder Equinor ambitions. These investments may be exposed to interest rate risk and inflation risk. ● energy transition both through optimisation of Equinor’s oil and gas business and through utilising its competitive capabilities across new areas of the energy system. In a decarbonising world with a broad energy mix, the expectation is that policymakers and stakeholders will set a premium on oil and gas produced in a responsible and increasingly carbon efficient way. ● Equinor monitors trends in relevant policies and regulations and addresses regulatory and policy risk in capital investment processes and through enterprise risk management in the business line. ● Equinor has developed its corporate strategy and Energy transition plan (ETP) to demonstrate commitment to a low carbon business transformation that balances investor and societal expectations. ● Equinor includes actual or default minimum carbon pricing across investments, applies price robustness criteria and routinely stress tests the portfolio for different future price scenarios towards net zero. Hurdle rates and other financial sensitivity testing are included in decision making. ● to reduce absolute emissions and emissions intensity from its activities. ● external technology development trends and invests in research, innovation and technology ventures that support positive value creation for its portfolio. Examples of relevant technologies within Equinor’s portfolio include carbon capture and storage (CCS), blue/green hydrogen, battery technology, solar and wind renewable energy, low CO ₂ improvements in methane emissions and application of renewables in oil and gas production. Physical climate risks ● Equinor 's operations, resulting in disruption to operations, increased costs, or incidents. This could be through extreme weather events or chronic physical impacts such as rising sea level accompanied by increased wave heights. As Equinor’s renewable portfolio grows, unexpected changes in meteorological parameters, such as average wind speed or changes in wind patterns and cloud cover can affect energy production as well as factors such as maintenance and equipment lifetimes. ● Physical climate risks are taken into account through technical and engineering functions in design, operations, and maintenance, with consideration of how the external physical environment may be changing. ● climate scenario models, Equinor continues to assess vulnerability of its assets to potential climate- related changes in the physical environment. 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 Equinor’s oil & gas operations in Europe are part of the EU Emission Trading System (EU ETS). Equinor (quotas or carbon credits) for the emissions related to its oil & gas production and processing. Currently Equinor free quotas according to the EU ETS regulation, according to which free quotas are to be phased Accounting policies - cost of CO ₂ Purchased CO ₂ line with emissions. Accruals for CO ₂ 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 own emissions and may be kept to cover subsequent years’ emissions. Obligations resulting from current year emissions and the corresponding amounts for quotas that expensed, but which have not yet been surrendered to the relevant authorities, are reflected net Total ₂ ₂ (Equinor’s share of the operating licences in addition to land-based facilities) 486 510 in 2022 and USD 428 ₂ shows, on a 100% operated basis, an analysis of number of quotas utilised and the related monetary statements by Equinor’s operated licences and land-based facilities subject to the requirements consist of actual free quotas received in ETS during the year. The closing balance for the number of quotas consists mainly of purchased quotas for current year and remaining quotas after the settlement of current and The closing balance in USD consists mainly of the value of the remaining quotas after the preliminary allocation quotas. Number of EU ETS quotas in thousands in USD million 2023 2022 2023 2022 Opening balance at 1 January 10,782 11,026 20 59 Allocated free quotas 356 3,697 Purchased quotas on the ETS market 7,822 5,985 708 509 Sold quotas on the ETS market 0 0 Returned excess free quotas (544) 0 Settled quotas (offset against emissions) (9,840) (9,926) (635) (548) Closing balance at 31 December 8,576 10,782 93 20 All numbers in the table are presented gross (100%) for Equinor operated licenses and include both Investments in renewables and low carbon solutions Equinor’s ambition is to build a focused, carbon efficient oil and gas portfolio complemented with to create long-term value while supplying reliable energy with progressively lower emissions. 2023 power generated from Equinor’s renewable portfolio as well as substantial due to inflation and supply chain constraints, Equinor recognised an impairment in the Coast offshore wind projects, see note 14 Impairments for more details. Equinor’s investments in renewables are included as Additions to PP&E, intangibles segment in note 5 Segments. See table below for details. Over the course of 2023, the offshore wind lease in California, Rio Energy in Brazil and investments related to projects in the significant increase in the book value compared to the prior year. See note 6 Acquisitions and disposals for more details. (in USD million) 2023 2022 Offshore, REN 880 146 Onshore, REN 1,127 152 Total Additions to PP&E, intangibles and equity accounted investments - REN 2,007 298 Low carbon solutions (within MMP) 179 36 Total Additions to PP&E, intangibles and equity accounted investments - REN LCS 2,186 334 Equinor is making significant steps to industrialise CCS and is already involved in the Northern ₂ transport and storage solutions (in partnership with Shell and TotalEnergies). Equinor is also pursuing CCS projects in other regions that have the necessary frame conditions for low carbon solutions. The acquisition of a 25 % stake in Bayou Bend, positions Equinor to be one of the largest US carbon capture and storage projects located along the Gulf Coast in Southeast investments and capital contributions in these projects amounted to USD 179 36 Investments in electrification of oil and gas assets During 2023, Equinor invested around USD 200 250 projects primarily include full and partly electrification of offshore assets in Norway at key fields and plants, including Oseberg, Sleipner, Njord and the Hammerfest LNG plant, mainly by power from shore. Emissions abatement milestones in 2023 included the start-up of the Hywind Tampen offshore wind supplying carbon-free power to the Gullfaks A field and the electrification of the Gina Krog field with power from shore. Research and development activities (R&D) Equinor is involved in several R&D projects aimed at optimizing oil and gas activities, reducing business opportunities in renewables and low carbon solutions. Equinor’s total R&D remuneration and Research and development expenditures (expensed R&D) and in note 12 Property, Plant & 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 and future cash flow estimations. The resulting effects and Equinor's exposure to them are uncertainty. Estimating global energy demand and commodity prices towards 2050 is challenging due to various complex factors, including technology change, taxation and production limits, which may change over time. This accounting estimates, such as useful life (depreciation period and timing of asset retirement assessments), and deferred tax assets (see note 11 Income taxes for expected utilisation period of tax losses carried forward and recognised as deferred tax assets). Commodity prices Equinor’s commodity price assumptions applied in value-in-use impairment testing are based future market trends. This price-set is currently not equal to the price-set in accordance with outlined in the WEO Net Zero Emissions by 2050 scenario. Changes in how the world Paris agreement could have a negative impact on the valuation of Equinor’s production assets and certain intangible assets using assumed prices for two scenarios estimated (IEA) are provided in the sensitivity table below. These illustrative impairment sensitivity calculations are based on a simplified model with limitations as described in note 14 Impairments. A linear bridging was applied between current the price sets disclosed in both scenarios. USD 2 comparability with management’s current best estimate. The IEA scenarios primarily stress oil and gas prices, not reflecting potential impact on Equinor’s renewable and low carbon projects or trading segments represent only around 12 % of Equinor’s total book value of non-current segment assets and equity as disclosed in note 5 Segments. Cost of CO 2 The EU ETS price has increased significantly from 25 86 in 2023 ( 81 80 EUR/tonne for the next couple of years in real 2023 terms. In 2040 the price expected to increase 130 109 EUR/tonne projected in 2022), thereafter increasing to around 150 135 terms. As such, Equinor expects greenhouse gas emission costs to increase from current levels range than today, and a global tax on CO ₂ Currently, Equinor pays CO ₂ 2021-2030 (Meld. St 13 (2020-2021)) which assumes a gradually increased CO ₂ ₂ Norway to 2,000 Equinor’s responses to this risk include evaluation of carbon intensity on decisions. Equinor currently uses an internal cost of carbon, set at 82 115 and staying flat thereafter (in countries with higher carbon costs, country specific cost expectations uncertain but serves as a placeholder for possible future CO ₂ Climate-related considerations are included directly in the impairment calculations by estimating ₂ indirectly through estimated commodity prices related to supply and demand. The CO ₂ production profiles and economic cut-off of the projects. To reflect that carbon will have a cost for all Equinor’s assets, the current best estimate of CO 2 Equinor has not established specific estimates. Sensitivity table The table below presents some relevant prices and variables compared to management’s best estimate, and an illustrative impairment effect given these scenarios. The scenario price-sets were retrieved from IEA’s report, World Energy Outlook 2023. Prices were adjusted for inflation and presented in Real 2023. See section Profitable portfolio in Chapter for more details about the scenarios: Management's price assumptions 1) Net Zero Emissions (NZE) by 2050 Scenario 4) Announced Pledges Scenario (APS) 5) Brent blend, 2030 78 USD/bbl 46 USD/bbl 79 USD/bbl Brent blend, 2040 73 USD/bbl 37 USD/bbl 72 USD/bbl Brent blend, 2050 68 USD/bbl 28 USD/bbl 65 USD/bbl TTF, 2030 9.1 USD/MMBtu 4.5 USD/MMBtu 6.8 USD/MMBtu TTF, 2040 9.5 USD/MMBtu 4.4 USD/MMBtu 6.2 USD/MMBtu TTF, 2050 9.5 USD/MMBtu 4.3 USD/MMBtu 5.6 USD/MMBtu EU ETS 2), 3) , 2030 123 USD/tCO 2 146 USD/tCO 2 141 USD/tCO 2 EU ETS 2), 3) , 2040 150 USD/tCO 2 214 USD/tCO 2 182 USD/tCO 2 EU ETS 2), 3) , 2050 176 USD/tCO 2 261 USD/tCO 2 208 USD/tCO 2 Illustrative potential impairment (USD) ~ 10.0 billion ~ 3.0 billion Management’s future commodity price assumptions 2) 2 2 3) 1,176 . 4) reach a 1.7ºC increase in the year 2100. 5) Compared to last year’s results, the illustrative potential impairments associated with USD 0.5 3 10 4 billion last year. This is significantly impacted by the linear bridging between the current commodity prices and the first price the WEO scenarios, consistent with previous year’s methodology, but with lower current prices this year. An increase in systematic climate risk may result in a higher discount rate applied for impairment Impairments for further information on discount rate sensitivity. Robustness of Equinor’s 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 impact the future profitability of certain upstream oil and gas assets. Equinor uses scenario analysis to outline different possible energy futures, some of which imply lower oil and natural gas prices and higher CO 2 decrease in the cash flow from oil and gas, and potentially reduce the economic lifetime risk by improving the resilience of the existing upstream portfolio, maximising the efficiency of the infrastructure on the optimising the high-quality international portfolio. The project portfolio is robust to low oil and gas maintain cost discipline across the company. Equinor will continue to add high value barrels to the portfolio through exploration and increased recovery, with the expectation to maintain strong oil and gas cash flow from operations until 2035. Equinor aims to maintain significant capex flexibility in the current portfolio, with only sanctioned projects being committed representing less 50 % of the yearly organic capex from 2025. This is expected to allow Equinor to optimise and re-prioritise non-sanctioned continued generation of high value through cycles. Equinor will continuously assess the take preventative measures to manage physical climate risks. Based on the current production profiles, approximately 65 % of Equinor’s proved oil and gas reserves, as defined by the SEC, are expected to be produced in the period 2024-2030 and more than 99 % in the period 2024-2050. This indicates a lower risk of early cessation of production and can provide flexibility in adapting to the changing market conditions Equinor aims to continue to selectively explore for new resources with a focus on mature areas with existing infrastructure to minimise emissions and maximise value. During the transition, Equinor anticipates allocating a reducing share of its gross capex to oil and gas in the coming years and the volume of production is likely to decrease over time. Reaching Equinor’s net 50 % reduction ambition for operated scope 1 and 2 emissions will require a company-wide, coordinated effort to execute and mature the abatement projects, improve energy efficiency, develop new technologies, and strengthen the resilience of the portfolio. Equinor aims to achieve a 20 % reduction in net carbon intensity by 2030 and a 40 % reduction by 2035, including scope 3 emissions. The combination of increased renewables and decarbonised energy, the scale up of low carbon solutions such as CCS and optimisation of the oil and gas portfolio provides confidence that Equinor can meet its medium-term ambitions. As such, Equinor’s ambition to become a net-zero company by 2050 have currently not 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 that would deteriorate to such an extent that undeveloped assets controlled by Equinor should not materialise, comprised of the intangible assets Oil and Gas prospects, signature bonuses and the capitalised carrying value of USD 3,205 3,634 Equinor’s intangible assets. Timing of Asset Retirement Obligations (ARO) As mentioned above, there are currently no assets triggered for earlier cessation as a result zero company by 2050. However, if the business cases of Equinor’s producing oil and gas assets should change materially, this could affect the timing of cessation of the assets. A shorter production period will increase the carrying value of the liability. To illustrate, performing removal five years earlier than currently scheduled would increase the liability by around USD 1.2 USD 1 timing of cash outflows of recognised asset retirement obligations. The most significant cash outflows 2043. |
Financial risk and capital mana
Financial risk and capital management | 12 Months Ended |
Dec. 31, 2023 | |
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 an advisory body in Enterprise Risk Management, Management and for proposing appropriate measures to adjust risk at the corporate level. This risk policies. Market risk Equinor operates in the worldwide crude oil, refined products, natural gas, and electricity including fluctuations in hydrocarbon prices, foreign currency rates, interest rates, and electricity prices that 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, options, over-the-counter (OTC) forward contracts, market 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), the CME group, the OTC Brent market, and crude and refined products swap markets. 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 Energy Exchange (EEX), NYMEX 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 traded instruments, including embedded derivatives that have been bifurcated and recognised at fair value sheet. Price risk sensitivities at the end of 2023 and 2022 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 2023 2022 (in USD million) - 30% + 30% - 30% + 30% Crude oil and refined products net gains/(losses) 442 (442) 666 (666) Natural gas, electricity and CO2 net gains/(losses) 86 (52) (3) 140 Currency risk Equinor’s cash flows from operating activities deriving predominantly from oil and gas expenditures are mainly in USD, but taxes, dividends to shareholders on the Oslo Børs capital expenditures are in 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, derivative instruments. The following currency risk sensitivity for financial instruments has been calculated, by assuming 11 % reasonable possible change in the most relevant foreign currency exchange rates that impact Equinor’s 2023. As of 31 December 2022, a change of 12 % in the most relevant foreign currency exchange rates was viewed possible change. With reference to the table below, a negative figure represents a negative equity impact / loss, while a positive figure represents a positive equity impact / gain. Currency risk sensitivity At 31 December 2023 (in USD million) NOK EUR GBP Impact from an 11% strengthening of given currency vs USD on: Shareholders equity through OCI 1,519 406 903 Shareholders equity through P&L (413) (418) (92) Impact from an 11% weakening of given currency vs USD on: Shareholders equity through OCI (1,519) (406) (903) Shareholders equity through P&L 413 418 92 Currency risk sensitivity At 31 December 2022 (in USD million) NOK EUR GBP Impact from a 12% strengthening of given currency vs Shareholders equity through OCI 3,552 837 750 Shareholders equity through P&L (889) (259) (389) Impact from a 12% weakening of given currency Shareholders equity through OCI (3,552) (837) (750) Shareholders equity through P&L 889 259 389 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 1.3 possible change in interest rates at the end of 2023. In 2022, a change of 1.2 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 2023 2022 (in USD million) points + 1.3 percentage points points + 1.2 percentage points Positive/(negative) impact on net financial items 336 (333) 369 (366) 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 2023. 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 2023 2022 (in USD million) - 35% + 35% - 35% + 35% Net gains/(losses) (552) 552 (450) 450 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 Equinor’s 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 2026 . The facility supports secure access to funding, supported by the best available short-term rating. As at 31 December 2023 the facility The table below shows a maturity profile, based on undiscounted contractual cash flows, for Equinor’s At 31 December 2023 2022 (in USD million) Non-derivative financial liabilities Lease liabilities Derivative financial liabilities Non-derivative financial liabilities Lease liabilities Derivative financial liabilities Year 1 20,209 1,369 857 20,172 1,325 1,065 Year 2 and 3 6,035 1,434 636 6,292 1,421 752 Year 4 and 5 5,601 496 404 5,785 504 486 Year 6 to 10 6,846 405 1,016 8,749 465 1,202 After 10 years 10,751 72 340 11,204 120 706 Total specified 49,442 3,776 3,253 52,202 3,835 4,211 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 where Equinor has material credit exposure 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 against limits on a daily basis. Equinor’s total oil and energy sector, as well as larger oil and gas consumers with investment- 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 2023 Investment grade, rated A or above 193 5,857 305 565 Other investment grade 8 5,132 7 565 Non-investment grade or not rated 140 5,204 247 248 Total financial assets 341 16,193 559 1,378 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 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 offsetting agreements for financial assets and liabilities. These agreements are mainly entered into to manage the credit risks associated with over-the-counter commodity trading as well as regular commodity purchases and sales and enable Equinor and their counterparties to set off financial liabilities against financial assets in the ordinary course of business as well as in case of default. In addition, exchange-traded commodity derivatives are offset towards collateral receipts/payments as a result of day-to-day cash settlements based on change in fair value of open derivative positions. Amounts not qualifying for offsetting consists of collateral receipts or payments which usually is settled on a gross basis. Normally 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 2023 Financial assets Trade receivables 17,139 3,133 14,006 0 14,006 Collateral receivables 8,713 6,526 2,186 2,186 0 Derivative financial instruments 12,767 10,829 1,937 677 1,260 Total financial assets 38,619 20,488 18,129 2,863 15,266 Financial liabilities Trade payables 14,184 3,133 11,051 0 11,051 Collateral liabilities 7,791 7,333 458 458 0 Derivative financial instruments 13,437 10,023 3,414 2,405 1,009 Total financial liabilities 35,412 20,488 14,923 2,863 12,060 (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 16,923 13,455 3,468 3,468 0 Derivative financial instruments 28,535 23,806 4,730 1,708 3,022 0 Total financial assets 71,065 44,725 26,341 5,176 21,164 Financial liabilities Trade payables 19,913 7,464 12,449 0 12,449 Collateral liabilities 13,936 12,365 1,571 1,571 0 Derivative financial instruments 31,377 24,895 6,482 3,605 2,877 Total financial liabilities 65,226 44,725 20,502 5,176 15,326 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 (CE2)”. At 31 December (in USD million) 2023 2022 Net interest-bearing debt adjusted, including lease (5,040) (6,750) Net interest-bearing debt adjusted (ND2) (8,610) (10,417) Capital employed adjusted, including lease liabilities 43,460 47,239 Capital employed adjusted (CE2) 39,890 43,571 Net debt to capital employed adjusted, including (11.6%) (14.3%) Net debt to capital employed adjusted (ND2/CE2) (21.6%) (23.9%) 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 2,030 6,538 ND2 is defined as ND1 adjusted for lease liabilities (amounting to USD 3,570 3,668 respectively). CE2 is defined as Equinor's total equity (including non-controlling interests) and ND2. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2023 | |
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 Officer (CEO). 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 retirement obligations are excluded as well as provisions for onerous contracts which reflect only parties. The measurement basis of segment profit is net operating income/(loss). Deferred tax assets, financial assets, total current assets and total liabilities are not allocated to the segments. Transactions between the segments, from the sale of crude oil, gas, prices. The transactions are eliminated upon consolidation. 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 storage solutions, and solar power. Segment information for the years ended 31 December 2023, 2022, and 2021 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 commitments, liabilities, and contingent assets. 2023 E&P Norway E&P International E&P USA MMP REN Other Eliminations Total group (in USD million) Revenues third party 230 993 277 105,242 20 85 0 106,848 Revenues and other income inter-segment 37,999 6,009 4,009 633 12 33 (48,695) 0 Net income/(loss) from equity accounted investments 0 28 0 12 (33) (8) 0 (1) Other income 111 1 32 23 18 142 0 327 Total revenues and other income 38,340 7,032 4,319 105,908 17 253 (48,695) 107,174 Purchases [net of inventory variation] 0 (70) 0 (95,769) 0 (1) 47,665 (48,175) Operating, selling, general and administrative expenses (3,759) (2,176) (1,178) (4,916) (462) (201) 893 (11,800) Depreciation and amortisation (4,429) (2,123) (1,779) (897) (12) (133) 0 (9,373) Net impairment (losses)/reversals (588) (310) 290 (343) (300) (10) 0 (1,260) Exploration expenses (476) (20) (299) 0 0 0 0 (795) Total operating expenses (9,253) (4,700) (2,966) (101,925) (774) (345) 48,558 (71,404) Net operating income/(loss) 29,087 2,332 1,353 3,984 (757) (92) (137) 35,770 Additions to PP&E, intangibles and equity accounted investments 5,939 4,376 1,206 844 2,007 128 0 14,500 Balance sheet information Equity accounted investments 3 0 0 783 1,665 57 0 2,508 Non-current segment assets 28,915 17,977 11,049 3,997 1,575 1,018 0 64,530 Non-current assets not allocated to segments 14,487 Total non-current assets 81,525 Assets classified as held for sale 0 1,064 0 0 0 0 0 1,064 2022 E&P Norway E&P International E&P USA MMP REN Other Eliminations Total group (in USD million) Revenues third party 304 1,099 305 147,164 16 115 0 149,004 Revenues and other income 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 Other income 994 35 0 9 111 33 0 1,182 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 (10,593) 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) 87,130 (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 E&P International E&P USA MMP REN Other Eliminations Total group (in USD million) Revenues third party 261 1,115 377 86,883 8 99 0 88,744 Revenues and other income inter-segment 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 Other income 154 5 0 168 1,386 208 0 1,921 Total revenues and other income 39,386 5,565 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 (3,653) (1,405) (1,074) (3,753) (163) (432) 1,102 (9,378) Depreciation and amortisation (6,002) (1,734) (1,665) (869) (3) (158) 0 (10,432) Net impairment (losses)/reversals 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 (8,915) (5,237) (2,998) (86,230) (166) (590) 46,873 (57,261) Net operating income/(loss) 30,471 329 1,150 1,163 1,245 (234) (461) 33,663 Additions to PP&E, intangibles and equity accounted investments 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 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 Non-current assets by country At 31 December (in USD million) 2023 2022 Norway 32,977 33,242 USA 12,587 12,343 Brazil 10,871 9,400 UK 5,535 3,688 Canada 1,157 1,171 Angola 1,103 895 Denmark 973 497 Argentina 648 615 Algeria 474 622 Poland 447 270 Other 265 1,672 Total non-current assets 1) 67,038 64,414 Excluding deferred tax assets, pension assets and operations. |
Acquisitions and disposals
Acquisitions and disposals | 12 Months Ended |
Dec. 31, 2023 | |
Acquisitions and disposals [Abstract] | |
Acquisitions and disposals | 6 Acquisitions and disposals Accounting policies Business combinations and divestments Business combinations, except for transactions between entities under common control, are accounted for method when control is transferred to the group. The purchase price includes total consideration and liabilities, as well as contingent consideration at fair value. The acquired identifiable measured at fair value at the date of the acquisition. Acquisition costs incurred are expensed under expenses. Changes in the fair value of contingent consideration resulting from events after the Consolidated statement of income under Other income. Equinor recognises a gain or loss on disposal of a subsidiary when control is lost. Any interest retained measured at fair value at the time of loss of control. However, when partially divesting subsidiaries that do not constitute a business, and where the retained investment in the former subsidiary is an associate or a jointly gain or loss only on the divested part within Other income or Operating expenses, subsidiary is initially not remeasured, and subsequently accounted for using the equity method. 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 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 separately. 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 and gas exploration and evaluation licences for which a development decision has not yet 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 assessment requires judgement to be applied on a case-by-case basis, considering the substance of the transactions. In evaluating requirements, Equinor acknowledges pending considerations related to several relevant and similar issues postponed by the IASB in anticipation of concurrent consideration at a later date. Where assets entities concurrently with a portion of the entities’ shares being sold to a third party, thereby resulting in Equinor’s loss of control those asset-owning subsidiaries, and where investments in joint ventures are established simultaneously, Equinor has concluded to recognise the gain only on the divested portion. ---------------------------------------------------------------------------------------------------------------------------------------- 2023 Acquisitions Acquisition of Rio Energy On 3 November 2023, 100 % of the shares the amounted to USD 82 268 portfolio includes a producing onshore wind and a pipeline of equipment 350 purchase price and the purchase price allocation are preliminary. Acquisition of Suncor Energy UK Limited On 30 June 2023, Equinor closed 100 % of the shares in Suncor UK Limited for a total 847 operated interest in the producing Buzzard oil field 29.89 %) and an additional interest in the operated 40 %). The transaction has Equinor’s 1,490 672 allocation remains preliminary. Acquisition of BeGreen On 26 January 2023, Equinor closed a Aps to acquire 100 % of the shares 252 million (EUR 235 megawatt increase of Equinor’s intangible assets of USD 423 Disposals Equinor Energy Ireland Limited On 31 March 2023, Equinor closed the transaction with Vermilion Energy Inc (Vermillion) to sell Equinor’s non-operated equity in the 100 % of received an 371 362 settlement 258 presented in the line item Operating expenses in the Consolidated statement of income. Held for sale Divestment of interest in Azerbaijan On 22 December 2023, Equinor entered into an agreement with the its interest in its Azerbaijan assets. The assets comprise a 7.27 % non-operated interest in the Azeri Chirag Gunashli (ACG) oil fields in the 8.71 % 50 % field. Closing is expected during 2024 subject to regulatory and resulting in a 310 and net impairments in the Consolidated statement of income. 2022 Acquisitions Acquisition of Triton Power On 1 September 2022, Equinor and SSE Thermal power company Equinor’s share 141 120 working capital. The GW. Equinor and SSE Thermal own 50 % each of Triton Power, and as a joint venture in the MMP segment. Acquisition of Statfjord On 31 May 2022, Equinor area which covers the 11.56 % to 48.78 %. All licences are operated by The cash consideration received was 168 principles in IFRS segment E&P Norway, the 98 390 298 USD 98 98 equipment, an increase of USD 241 86 Disposals Ekofisk and Martin Linge on the Norwegian Continental Shelf On 30 Ekofisk 19 % ownership amounted to 293 51 % ownership disposal resulted in a decrease 1,493 376 597 686 of USD 655 Exit Russia Following Russia’s invasion of Ukraine start the process of exiting net impairments of 1,083 251 intangible assets and USD 832 contingent amortisation and net impairment losses and Exploration expenses in the Consolidated statement of income based on the nature of the impaired assets and in four Russian statements. The ownership interests in Kharyaga were transferred to the operator. Equinor has stopped trading in Russian oil. This means and oil products from Russia. Equinor has 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 10 % equity interest in the Dogger Bank C project total consideration of 91 68 87 65 ownership share is 40 %. Equinor continues to equity account for the remaining investment as a joint venture. the line item Other 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, 2023 | |
Total revenues and other income [Abstract] | |
Total revenues and other income | 7 Total 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, power and other merchandise obtains control of those products, which for tangible products normally is when title passes contractual terms of the agreements. Each such sale normally represents a single performance obligation. as well as power, which is delivered on a continuous basis through pipelines and grid, 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 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 interest, costs are deferred for the underlift. Certain long-term LNG and natural gas sales contracts include clauses which entail price reviews of either party. Where updated prices have not yet been agreed upon for volumes already delivered, it is necessary to estimate the amount of variable consideration Equinor expects to be entitled to for these volumes. In the degree of estimation uncertainty and reasoned judgement in establishing the expected variable 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 Norwegian State’s Direct Financial purchases and sales of the SDFI's oil and natural gas liquids production are classified as purchases revenues 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 including Liquefied Natural Gas (LNG). These gas sales and related expenditures refunded by the SDFI are presented net in the statements. Natural gas sales made in the name of Equinor’s subsidiaries Consolidated statement of income, but this activity is reflected 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 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 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 countries. When attributing the line-item Revenues from contracts with customers for 2023 to the country of the legal entity executing the sale, Norway constitutes 79 % and USA constitutes 18 %. For 2022 the revenues to Norway and USA constituted 84 % and 13 % respectively, and for 2021 81 % and 13 % respectively. Revenues from contracts with customers and (in USD million) Note 2023 2022 2021 Crude oil 56,861 58,524 38,307 Natural gas 26,386 65,232 28,050 23,174 58,239 24,900 1,111 2,884 1,783 2,102 4,109 1,368 Refined products 10,083 11,093 11,473 Natural gas liquids 8,345 9,240 8,490 Transportation 1,425 1,470 921 Other sales 3,032 4,702 1,006 Total revenues from contracts with customers 106,132 150,262 88,247 Taxes paid in-kind 342 412 345 Physically settled commodity derivatives 1,331 (2,534) (1,075) Gain/(loss) on commodity derivatives (1,041) 739 951 Change in fair value of trading inventory (334) (194) 0 Other revenues 418 319 276 Total other revenues 716 (1,258) 497 Revenues 106,848 149,004 88,744 Net income/(loss) from equity accounted investments 15 (1) 620 259 Other income 6 327 1,182 1,921 Total revenues and other income 107,174 150,806 90,924 |
Salaries and personnel expenses
Salaries and personnel expenses | 12 Months Ended |
Dec. 31, 2023 | |
Salaries and personnel expenses [Abstract] | |
Salaries and personnel expenses | 8 Salaries and personnel expenses (in USD million, except average number of employees) 2023 2022 2021 Salaries 1) 2,876 2,875 2,962 Pension costs 2) 441 458 488 Payroll tax 511 433 414 Other compensations and social costs 375 324 288 Total payroll expenses 4,203 4,090 4,152 Average number of employees 3) 22,600 21,500 21,400 Salaries include bonuses and expatriate costs in addition to base pay. 2) 3) 2 % for 2023 and 3 % for 2022 and 2021. Total payroll expenses are accumulated in cost-pools and partially charged to partners of Equinor operated licences on an hours incurred basis. Compensation to the board of directors (BoD) and the corporate executive committee (in USD million) 1) 2023 2022 2021 Current employee benefits 10.7 12.9 12.2 Post-employment benefits 0.3 0.4 0.4 Other non-current benefits 0.0 0.0 0.0 Share-based payment benefits 0.3 0.2 0.1 Total benefits 11.3 13.5 12.7 1) All figures in the table are presented on accrual basis. At 31 December 2023, 2022, and 2021 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 78 85 79 programmes, respectively. For the 2024 programme (granted in 2023), the estimated compensation expense is USD 83 December 2023 the amount of compensation cost yet to be expensed throughout the vesting period is 176 See note 20 Shareholders’ equity, |
Auditor's remuneration and Rese
Auditor's remuneration and Research and development expenditures | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Audit fee 14.9 11.4 14.4 Audit related fee 1.2 1.8 1.1 Tax fee - - - Other service fee - - - Total remuneration 16.1 13.2 15.5 In addition to the figures in the table above, the audit fees and audit related fees related to Equinor 0.5 0.6 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 311 308 291 and 2021, 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, 2023 | |
Financial items [Abstract] | |
Financial items | 10 Financial items Full year (in USD million) 2023 2022 2021 Foreign currency exchange gains/(losses) derivative (1,476) 797 870 Other foreign currency exchange gains/(losses) 2,328 1,291 (823) Net foreign currency exchange gains/(losses) 852 2,088 47 Dividends received 218 93 39 Interest income financial investments, including 1,468 398 38 Interest income non-current financial receivables 31 30 26 Interest income other current financial assets and other 732 701 48 Interest income and other financial income 2,449 1,222 151 Gains/(losses) financial investments 123 (394) (348) Gains/(losses) other derivative financial instruments 351 (1,745) (708) Interest expense bonds and bank loans and net (1,263) (1,029) (896) Interest expense lease liabilities (132) (90) (93) Capitalised borrowing costs 468 382 334 Accretion expense asset retirement obligations (538) (449) (453) Interest expense current financial liabilities and (195) (192) (114) Interest expenses and other financial expenses (1,660) (1,379) (1,223) Net financial items 2,114 (207) (2,080) Equinor's main financial items relate to assets and liabilities in the fair value through profit For more information about financial instruments by category see note 28 Financial instruments Foreign currency exchange gains/(losses) derivative financial instruments include fair value changes liquidity and currency risk. Other foreign currency exchange gains/(losses) includes a fair value gain from current debt of USD 315 691 702 Interest income financial investments, including cash and cash equivalents includes interest income related to balances cost of USD 1,410 364 12 Gains/(losses) other derivative financial instruments primarily include fair value changes from interest rate gain of USD 332 1,760 724 Interest expense bonds and bank loans and net interest on related derivatives includes 857 918 990 interest on related derivatives at fair value through profit or loss, amounting to a net interest expense 405 USD 111 94 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes [Abstract] | |
Income taxes | 11 Income Accounting policies Income tax Income tax in the Consolidated statement of income comprises current income tax and effects of changes in deferred tax Income tax is recognised in the Consolidated statement of income except when it relates to items income (OCI). Current tax consists of the expected tax payable for the year and any adjustment to tax payable 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 penalties) or assets to which payment has already been made) is recognised within Current tax or Deferred tax 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 Equinor has adopted amendments to IAS 12 – International Tax Reform – Pillar Two Model Rules (top-up tax) with effect from 1 January 2023. Equinor has applied the mandatory exception and does not recognise or disclose and liabilities related to Pillar Two income taxes. The mandatory exception applies retrospectively. However, since no new legislation to implement the top-up tax was enacted or substantively enacted on 31 December 2022 in any jurisdiction in which Equinor operates, at that date, the retrospective application has no impact on the Consolidated financial statements. Estimation uncertainty regarding income tax Equinor incurs significant amounts of income taxes payable to various jurisdictions and may recognise 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 of tax 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 future taxable income before tax losses expire. ----------------------------------------------------------------------------------------------------------------------------------- Significant components of income tax expense Full year (in USD million) 2023 2022 2021 Current income tax expense in respect of (24,028) (52,124) (21,271) Prior period adjustments (121) (112) (28) Current income tax expense (24,149) (52,236) (21,299) Origination and reversal of temporary differences (1,529) (2,136) (1,778) Recognition / derecognition of previously (un)recognised (137) 4,401 126 Change in tax regulations 4 0 4 Prior period adjustments (169) 110 (60) Deferred tax income/(expense) (1,831) 2,375 (1,708) Income tax (25,980) (49,861) (23,007) Changes to tax regimes Pillar Two On 24 November 2023 the Norwegian Ministry of Finance published a draft resolution on Model Rules into Norwegian legislation. The rules are introducing a global minimum tax 15 %. The proposal was sanctioned in January 2024 and the Norwegian Top Up Tax The Pillar Two rules will be applicable to the Equinor group, but Equinor’s preliminary assessment is that we do not expect significant economic impact from the rules. Reconciliation of statutory tax rate to effective Full year (in USD million) 2023 2022 2021 Income/(loss) before tax 37,884 78,604 31,583 Calculated income tax at statutory rate 1) (8,833) (18,168) (7,053) Calculated Norwegian Petroleum tax 2) (17,226) (36,952) (17,619) Tax effect uplift 3) 160 259 914 Tax effect of permanent differences regarding divestments 82 417 90 Tax effect of permanent differences caused by functional currency different from tax currency 5 145 150 Tax effect of other permanent differences 453 403 228 Recognition / derecognition of previously (un)recognised deferred 4) (137) 4,401 126 Change in unrecognised deferred tax assets (29) (34) 619 Change in tax regulations 4 0 4 Prior period adjustments (290) (3) (88) Other items including foreign currency effects (169) (327) (378) Income tax (25,980) (49,861) (23,007) Effective tax rate 68.6 % 63.4 % 72.8 % The weighted average of statutory tax rates was 23.3 % in 2023, 23.1 % in 2022 and 22.3 % in 2021. 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 deducting a calculated 22 % corporate tax. 3) temporary rules enacted under the Covid-19 pandemic. For investments with PUD submitted to December 2022 the rules allow a direct deduction of the whole uplift in the year the capital expenditure is rate was 17.69 % and this rate was reduced to 12.4 % in 2023. 4) differences and projections of taxable income and recognises the amount of deferred tax assets that is probable to be realised. In 2023 USD 137 to a recognition of USD 4,401 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 8,575 514 7,816 1,298 747 446 1,495 20,892 Deferred tax liabilities (28) (26,042) 0 (2) (6) 0 (300) (26,378) Net asset/(liability) at 31 December 2023 8,547 (25,528) 7,816 1,296 741 446 1,195 (5,485) 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) Changes in net deferred tax liability during (in USD million) 2023 2022 2021 Net deferred tax liability at 1 January 3,179 7,655 6,250 Charged/(credited) to the Consolidated statement of 1,831 (2,375) 1,708 Charged/(credited) to Other comprehensive income (66) 105 35 Acquisitions and disposals 981 (968) 36 Foreign currency translation effects and other effects (440) (1,239) (374) Net deferred tax liability at 31 December 5,485 3,179 7,655 Deferred tax assets and liabilities are offset to the extent that the deferred taxes relate to the same fiscal authority, and there is a 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) 2023 2022 Deferred tax assets 7,936 8,732 Deferred tax liabilities 13,345 11,996 Net deferred tax classified as held for sale (76) 85 Deferred tax assets are recognised based on the expectation that sufficient taxable income will taxable temporary differences or future taxable income. At year-end 2023, the deferred tax assets of USD 7,952 recognised in the US, the UK, Norway, Angola, Canada and Brazil. Of this amount, USD 965 have suffered a tax loss in either the current or the preceding period. The corresponding amounts for 2022, were USD 8,817 and USD 1,953 taxable income, mainly from production of oil and gas. Around 80 % of the tax losses carried forward and recognised as deferred tax assets are expected to be fully utilised within 10 years . Unrecognised deferred tax assets At 31 December 2023 2022 (in USD million) Basis Tax Basis Tax Deductible temporary differences 2,555 1,030 2,558 968 Unused tax credits 0 185 0 129 Tax losses carried forward 3,944 947 3,458 930 Total unrecognised deferred tax assets 6,499 2,162 6,016 2,027 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 2023, unrecognised deferred tax assets in Angola and Canada represents USD 712 415 respectively, of the total unrecognised deferred tax assets of USD 2,162 636 Angola and USD 346 2,027 several different tax jurisdictions. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment | 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 Contingent consideration included in the acquisition of an asset or group of similar assets is later changes in fair value other than due to the passage of time reflected in the book value 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 recognition as assets of 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 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 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 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 Accounting initial recognition, any capitalised development costs are accounted for in the same manner not qualifying for capitalisation are expensed as incurred, see note 9 Auditor’s remuneration expenditures for more 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 assets, impact the unit of production rates used for depreciation and amortisation. Proved oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty 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 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 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 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 recoverable quantities, based on Equinor's judgement of future economic conditions, from projects in development. As per Equinor’s internal guidelines, expected reserves are 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 2023 1,343 171,948 8,285 562 10,815 6,633 199,586 Additions through business acquisition 7) 48 1,121 339 38 370 8 1,923 Additions and transfers 6) 113 7,286 60 19 3,196 1,087 11,761 Changes in asset retirement obligations 0 772 0 0 55 0 827 Disposals at cost (64) (3,567) (446) (29) (30) (634) (4,771) Assets reclassified to held for sale 8) (1) (3,944) 0 0 (245) (8) (4,198) Foreign currency translation effects 0 (2,705) (133) 1 (64) (36) (2,937) Cost at 31 December 2023 1,438 170,911 8,105 591 14,097 7,050 202,191 Accumulated depreciation and impairment at 1 January 2023 (1,203) (131,455) (6,763) (338) (135) (3,194) (143,088) Depreciation (44) (7,976) (224) (26) 0 (1,079) (9,350) Impairment (2) (844) (323) 0 (18) (1) (1,188) Reversal of impairment 0 288 0 0 3 0 290 Transfers 6) 1 (11) 0 (1) 10 0 (2) Accumulated depreciation and impairment on disposed assets 52 3,355 442 28 22 634 4,533 Accumulated depreciation and impairment assets classified as held for sale 8) 1 3,176 0 0 0 6 3,183 Foreign currency translation effects 7 2,142 88 0 3 10 2,251 Accumulated depreciation and impairment at 31 December 2023 5) (1,188) (131,325) (6,780) (337) (117) (3,623) (143,369) Carrying amount at 31 December 2023 250 39,585 1,325 254 13,980 3,427 58,822 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 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 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 (8) (187) (39) 0 (49) (4) (286) Reversal of impairment 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 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) Depreciation according to unit of production method. 2) . Buildings include leasehold improvements. 3) 4) 1,038 1,578 and Drilling rigs USD 504 5) 6) in 2023 and 2022 amounted to USD 1,280 982 7) 8) |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets [Abstract] | |
Intangible assets | 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 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 for deferred 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 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 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 will be considered a trigger for impairment evaluation of the well if no development decision is planned 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 2023 1,599 2,035 1,380 528 5,542 Additions through business acquisition 0 5 348 446 799 Additions 410 360 9 210 989 Disposals at cost 0 0 (10) (124) (135) Transfers (961) (319) 4 (4) (1,280) Expensed exploration expenditures previously capitalised 114 (61) 0 0 53 Foreign currency translation effects 7 16 2 16 41 Cost at 31 December 2023 1,169 2,036 1,733 1,072 6,010 Accumulated amortisation and impairment at 31 December 1) (302) (302) Carrying amount at 31 December 2023 1,169 2,036 1,733 2) 770 5,709 (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 amortisation and impairment at 31 December 1) (384) (384) Carrying amount at 31 December 2022 1,599 2,035 1,380 144 5,158 1) See note 14 Impairments. 2) Goodwill at 31 December 2023 mainly consists of technical goodwill related to business acquisitions in 533 million in the Exploration & Production Norway area and USD 440 The table below shows the aging of capitalised exploration expenditures. (in USD million) 2023 2022 Less than one year 345 250 Between one and five years 458 340 More than five years 366 1,009 Total capitalised exploration expenditures 1,169 1,599 The table below shows the components of the exploration Full year (in USD million) 2023 2022 2021 Exploration expenditures 1,275 1,087 1,027 Expensed exploration expenditures previously capitalised (53) 342 171 Capitalised exploration (427) (224) (194) Exploration expenses 795 1,205 1,004 |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2023 | |
Impairments [Abstract] | |
Impairments | 14 Impairments Accounting policies Impairment of property, plant and equipment, right-of-use assets, intangible assets including goodwill and equity accounted investments Equinor assesses individual assets or groups of assets for impairment whenever events or changes in carrying value may not be recoverable. Assets are grouped into cash generating units (CGUs). individual oil and gas fields or plants, or equity accounted investments. Each unconventional asset when no cash inflows from parts of the play can be reliably identified as being largely independent of the 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. well has not found proved reserves, the previously capitalised costs are tested for impairment. 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 and reversals of impairment are presented in the Consolidated statement of income as Exploration Depreciation, amortisation and net impairment, on the basis of the nature of the impaired 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 assets’ fair value less cost of disposal as the recoverable amount when such a value is available, recent and comparable transactions. 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 impairment that would be required if pre-tax discount rates had been used. Impairment reversals A previously recognised impairment is reversed only if there has been a change in the estimates recoverable amount since the last impairment was recognised. Previously recognised impairments of goodwill 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 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. Changes in foreign currency exchange rates will also affect value in use, especially for assets on the NCS, where the functional currency is NOK. When estimating the recoverable approach is applied to reflect uncertainties in timing and amounts inherent in the assumptions used For example, climate-related matters (see also Note 3 Climate change and energy transition ) 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, assumptions used for estimating future cash flows using probability-weighted scenario 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 (in USD million) 2023 2022 2021 Property, plant and equipment 897 (3,313) 1,285 Intangible assets 61 62 154 Equity accounted investments 363 832 0 Total 1,321 (2,419) 1,439 The intangible assets line includes Goodwill, amortizable intangible assets, and certain acquisition gas prospects. 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 2023 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) Carrying amount after impairment Net impairment loss/ (reversal) Exploration & Production Norway 887 588 3,201 (819) 5,379 (1,102) Exploration & Production USA - onshore 0 0 546 (204) 1,979 48 Exploration & Production USA - offshore Gulf of Mexico 1,165 (290) 2,691 (882) 798 18 Europe and Asia 0 310 1,551 295 1,566 1,609 Marketing, Midstream & Processing 949 343 1,416 (895) 868 716 Renewables USA - offshore 134 300 0 0 0 0 Other 112 10 30 0 20 (7) Total 3,247 1,261 9,435 (2,505) 10,611 1,282 Exploration & Production Norway In 2023, the net impairment mainly relates to reduced expected reserves on a producing asset on the 2022, the net impairment reversal was mainly caused by increased price estimates and changed impairment reversal was mainly due to increased price estimates and an upward reserve revision. Exploration & Production USA - onshore In 2023, there were no impairments related to exploration and production assets USA – onshore. was caused by increased gas price assumptions, while in 2021 the net impairment was asset. Exploration & Production USA - offshore Gulf of Mexico In 2023, impairment reversals mainly relate to increased expected reserves on a producing asset. In 2022, was caused by increased price assumptions and higher reserves estimates, while in 2021, the impairment reserve revision. Exploration & Production International – Europe and Asia In 2023, the impairment relates to the held for sale reclassification of Azerbaijan assets at the end and disposals). In 2022, the net impairment was mainly caused by the decision to exit Russia. This reversal on Mariner in the UK mainly due to optimisation of the production profile and higher prices, supported reserves estimates. In 2021, the net impairment was mainly caused by downward reserve revisions Marketing, Midstream & Processing In 2023, net impairment mainly relates to expectations of stabilizing refinery margins at a lower level than recent periods. In 2022 the net impairment reversal was mainly related to increased refinery margin assumptions, impairment losses were caused by increased CO 2 Renewables USA – Offshore In 2023, Equinor’s offshore wind projects on the US North East Coast are facing increased constraints. On 12 October 2023, the New York State Public Service Commission (PSC) rejected price increase petitions related to offtake agreements from several offshore and onshore wind farm developers, including Equinor’s joint ventures. As an impairment of USD 300 projects on the US North East Coast has been established applying a fair value approach. These the equity method. Accounting assumptions There are inherent uncertainties in the assumptions, however the commodity price assumptions as well reflect management’s best estimate of the price and currency development over the life of the Group’s assets based relevant current circumstances and the likely future development of such circumstances, including energy and climate change policies as well as the speed of the energy transition, population technology and cost development and other factors. Management’s best estimate also takes into consideration a forecasts. 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 economy, future supply actions by OPEC+ and other factors. Such analysis resulted in changes in the long-term price assumptions with effect from the second quarter of 2023. The main price assumptions applied in impairment and impairment are disclosed in the table below as price-points on price curves. Previous price-points applied from and including the first quarter of 2023 are provided in brackets. Year Prices in real term 1) 2025 2030 2040 2050 Brent Blend (USD/bbl) 79 (78) 78 (78) 73 (73) 68 (68) European gas (USD/MMBtu) - TTF 15.5 20.9 9.1 (9.9) 9.5 (9.4) 9.5 (9.4) Henry Hub (USD/MMBtu) 3.6 (4.2) 4.3 (3.9) 4.3 (3.9) 4.3 (3.9) Electricity Germany (EUR/MWh) 106 (122) 78 (74) 71 (60) 71 (60) EU ETS (EUR/tonne) 90 (84) 105 (84) 128 (111) 150 (137) 1) Basis year 2023. The prices in the table are 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 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 2026 and onwards is kept at 8.50 , the NOK/EUR at 10.00 . 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 24 % for E&P Norway, 6 % for E&P USA and 7 % for MMP depending on the asset’s characteristics, such as specific tax treatments, cash flow profiles, and economic life. The pre-tax rates for 2022 were 42 - 102 %, 6 - 9 % and 7 % respectively, in addition to 8 - 9 % for E&P International. Sensitivities Significant downward adjustments in Equinor's commodity price assumptions would result in impairment losses and development assets, including intangible assets subject to impairment assessment, while impairment-reversals. Assuming a reasonably possible 30 % decline in commodity price forecasts over the assets' lifetime could result in an illustrative impairment recognition of approximately USD 11 transition for possible effect of using the prices in a 1.5ºC compatible Net Zero Emission by 2050 scenario Pledges. Similarly, for illustrative purposes, Equinor assessed the sensitivity of the discount rate used in the value in use calculations for upstream producing assets and certain related intangible assets. It was determined an increase 5.0 % to 6 % real after tax, in isolation, the impairment amount recognised could have a potential impact 2 The illustrative impairment sensitivities above are based on a simplified method, which assumes However, Equinor notes a price reduction of 30 % or those representing Net Zero Emission scenario and Announced Pledges Scenario would likely impact business plans and other factors used in estimating an asset’s recoverable changes reduce the stand-alone impact of the price sensitivities. Changes in such input factors would likely cost level in the oil and gas industry and offsetting foreign currency effects, which has historically occurred following significant changes in commodity prices. |
Joint arrangements and associat
Joint arrangements and associates | 12 Months Ended |
Dec. 31, 2023 | |
Joint arrangements and associates [Abstract] | |
Joint arrangements and associates | 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 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 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 currently include the majority of (REN) operating and reporting segment. Equinor’s participation in joint arrangements companies in which Equinor has neither control nor joint control but has the ability to financial policies, are classified and accounted for as equity accounted investments. 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. Equinor also reflects its share of the investment’s other comprehensive income (OCI) arisen after the acquisition. The part of an investment’s dividend distribution exceeding the entity’s carrying amount in the Consolidated balance sheet is reflected as income from equity accounted investments in the Consolidated statement of income. Equinor will subsequently profit in the investment that exceeds the dividend already reflected as income. The Consolidated statement of income reflects Equinor’s share of the results account for depreciation, amortisation and any impairment of the equity accounted entity’s assets based on their date of acquisition. In case of material differences in accounting policies, adjustments are made in order to equity accounted investment in line with Equinor’s accounting policies. Net income/loss from presented on a separate line 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 part of Equinor’s 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 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 investments (in USD million) 2023 2022 Net investments at 1 January 2,758 2,686 Net income/(loss) from equity accounted investments (1) 620 Impairment 1) (363) (832) Acquisitions and increase in capital 926 337 Dividend and other distributions (286) (210) Other comprehensive income/(loss) (10) 384 Divestments, derecognition and decrease in paid in 2) (517) (22) Other 0 (205) Net investments at 31 December 2,507 2,758 Mainly related to Renewable offshore wind industry in US, see also note 14 Impairments. 2) st 2023). Equity accounted investments consist of several investments, none above USD 0.5 an individual basis. Voting rights correspond to ownership share. |
Financial investments and finan
Financial investments and financial receivables | 12 Months Ended |
Dec. 31, 2023 | |
Financial investments and financial receivables [Abstract] | |
Financial investments and financial receivables | 16 Financial investments and financial receivables Non-current financial investments At 31 December (in USD million) 2023 2022 Bonds 1,863 1,448 Listed equity securities 1,035 794 Non-listed equity securities 543 491 Financial investments 3,441 2,733 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) 2023 2022 Interest-bearing financial receivables 341 1,658 Other interest-bearing receivables 40 66 Prepayments and other non-interest-bearing receivables 910 339 Prepayments and financial receivables 1,291 2,063 Prepayments and other non-interest-bearing receivables mainly relate to commodity sales contracts with prepayments. Interest-bearing financial receivables primarily relate to loans to employees companies. Other interest-bearing receivables primarily relate to financial sublease and tax receivables. Current financial investments At 31 December (in USD million) 2023 2022 Time deposits 17,846 12,373 Interest-bearing securities 11,378 17,504 Financial investments 29,224 29,876 At 31 December 2023, current financial investments include USD 458 insurance company which mainly are accounted for using fair value through profit or loss. 2022 was USD 410 For information about financial instruments by category, see note 28 Financial instruments and fair value measurement . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventories | 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 Commodity inventories held for trading purposes are measured at fair value less cost to sell (FVLCS), with value recognised in the Consolidated statement of income as part of Revenues. These inventories fair value hierarchy. At 31 December (in USD million) 2023 2022 Crude oil 2,051 2,115 Petroleum products 380 451 Natural gas 54 127 Commodity inventories at the lower of cost and net 2,485 2,693 Natural gas held for trading purposes measured 810 1,994 Other 520 517 Total inventories 3,814 5,205 Inventories held for trading purposes consist of natural gas storages held by Danske Commodities. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [Abstract] | |
Trade and other receivables | 18 Trade and other receivables At 31 December (in USD million) 2023 2022 Trade receivables from contracts with customers 1) 10,706 15,213 Other current receivables 1,774 992 Collateral receivables 2) 2,186 3,468 Receivables from participation in joint operations and 471 661 Receivables from equity accounted associated companies 1,056 1,276 Total financial trade and other receivables 16,193 21,611 Non-financial trade and other receivables 740 841 Trade and other receivables 16,933 22,452 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. For further information equity accounted associated companies and other related parties, see note 27 Related parties. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [Abstract] | |
Cash and cash equivalents | 19 Cash and cash equivalents Accounting policies Cash and cash equivalents are accounted for at amortised cost and include cash in hand, bank investments with original maturity of three months or less which are readily convertible to known insignificant risk of changes in fair value. Contractually mandatory deposits in escrow bank accounts are included and cash equivalents if the deposits are provided as part of the Group’s operating activities and therefore are deemed purpose of meeting short ‑ term cash commitments, and the deposits can be released from the escrow account without expenses. At 31 December (in USD million) 2023 2022 Cash at bank available 2,295 2,220 Time deposits 1,337 836 Money market funds 1,875 3,106 Interest-bearing securities 2,563 3,276 Restricted cash and cash equivalents, including collateral 1,572 6,140 Cash and cash equivalents 9,641 15,579 Restricted cash and cash equivalents at 31 December 2023 includes collateral deposits of USD 1,572 activities. Correspondingly, collateral deposits at 31 December 2022 were USD 6,128 requirements of exchanges where Equinor is trading. The terms and conditions related to these requirements respective exchanges. |
Shareholders' equity, capital d
Shareholders' equity, capital distribution and earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' equity, capital distribution and earnings per share [Abstract] | |
Shareholders' equity, capital distribution and earnings per share | 20 Shareholders' equity, Number of shares NOK per value NOK USD Share capital at 1 January 2023 3,175,470,159 2.50 7,938,675,397.50 1,142,036,265 Capital reduction (172,365,554) 2.50 (430,913,885.00) (41,519,325) Share capital at 31 December 2023 3,003,104,605 2.50 7,507,761,512.50 1,100,516,940 Number of shares NOK per value Common Stock Authorised and issued 3,003,104,605 2.50 7,507,761,512.50 Treasury shares Share buy-back programme (49,486,793) 2.50 (123,716,982.50) Employees share saving plan (8,884,668) 2.50 (22,211,670.00) Total outstanding shares 2,944,733,144 2.50 7,361,832,860.00 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 2023, dividend for the third and for the fourth quarter of 2022 and dividend for the 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 2022 and to the first three quarters of 2023. On 6 February 2024, the board of directors proposed to the annual general meeting fourth quarter of 2023 of USD 0.35 0.35 ex-dividend 15 May 2024 on Oslo Børs and for ADR holders on New York Stock Exchange. Record date will be 16 May 2024 and payment date will be 28 May 2024. At 31 December (in USD million) 2023 2022 Dividends declared 10,783 7,549 USD per share or ADS 3.6000 2.4000 Dividends paid 10,906 5,380 USD per share or ADS 3.6000 1.6800 NOK per share 37.8522 16.4837 Accounting policies Share buy-back Where Equinor has either acquired own shares under a share buy-back programme 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 6 February 2024, the board of directors decided to announce a two-year share billion in total, with USD 6 billion for 2024. The share buy-back programme will be subject to market strength. The first tranche of up to USD 1.2 billion of the 2024 share buy-back programme will commence on 8 February 5 April 2024. The first tranche of the 2024 share buy-back programme is based in May 2023, valid until the next annual general meeting, but no later than 30 June tranches after the first tranche in 2024 will be decided by the board of directors on a quarterly dividend policy and will be subject to existing and new board authorisations for share buy-back from the meeting and agreement with the Norwegian State regarding share buy-back. Number of shares 2023 2022 Share buy-back programme at 1 January 42,619,172 13,460,292 Purchase 63,748,254 56,290,671 Cancellation (56,880,633) (27,131,791) Share buy-back programme at 31 December 49,486,793 42,619,172 Equity impact of share buy-back programmes (in USD million) 2023 2022 First tranche 330 330 Second tranche 550 440 Third tranche 550 605 Fourth tranche 550 605 Total open market share 1,980 1,980 Norwegian state share 1) 3,705 1,399 Total 5,685 3,380 1) Relates to second to fourth tranche of previous year programme and first tranche of current year Based on the authorisation from the annual general meeting on 10 May 2023, the Board decided on share buy-back tranches. The 2023 programme was up to USD 6 Norwegian State. During 2023, four tranches of in total USD 6 acquisition of the fourth tranche in the open market was finalised in January 2024. As of 410 fourth tranche had been purchased in the open market, of which USD 388 with a third party, the remaining order of USD 162 In order to maintain the Norwegian State’s ownership share in Equinor, a proportionate share of the second, third and fourth tranche of the 2022 programme as well as the first tranche of the 2023 programme was redeemed general meeting on 10 May 2023. The liability to the Norwegian State of USD 3.705 39.071 2023. Employees share saving plan Number of shares 2023 2022 Share saving plan at 1 January 10,908,717 12,111,104 Purchase 2,204,207 2,127,172 Allocated to employees (4,228,256) (3,329,559) Share saving plan at 31 December 8,884,668 10,908,717 In 2023 and 2022 treasury shares were purchased to employees participating in the share saving plan for USD 68 72 million, respectively. For further information, see note 8 Salaries and personnel expenses. Earnings per share (in USD million) 2023 2022 Basic earnings per share Net income (loss) attributable to shareholders of the company 11,885 28,746 Weighted average number of ordinary shares outstanding 3,021 3,174 Basic earnings per share (in USD) 3.93 9.06 Diluted earnings per share Net income (loss) attributable to shareholders of the company 11,885 28,746 Weighted average number of ordinary shares outstanding, diluted 3,027 3,183 Diluted earnings per share (in USD) 3.93 9.03 Basic and diluted earnings per share amounts are calculated by dividing the Net income (loss) for by relevant weighted average number of ordinary shares outstanding during the year. Shares purchased to employees participating in the share saving plan is the only diluting element. |
Finance debt
Finance debt | 12 Months Ended |
Dec. 31, 2023 | |
Finance debt [Abstract] | |
Finance debt | 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) 2023 2022 2023 2022 2023 2022 Unsecured bonds United States Dollar (USD) 3.82 3.82 15,705 17,190 15,037 16,167 Euro (EUR) 1.51 1.42 6,633 7,465 6,177 6,782 Great Britain Pound (GBP) 6.08 6.08 1,747 1,652 2,013 1,836 Norwegian Kroner (NOK) 4.18 4.18 295 304 302 311 Total unsecured bonds 24,380 26,612 23,529 25,097 Unsecured loans Brazilian real (BRL) 10.10 - 179 - 179 - Japanese Yen (JPY) 4.30 4.30 71 76 83 90 Total unsecured loans 250 76 262 90 Total 24,630 26,688 23,791 25,187 Non-current finance debt due within one year 2,400 2,547 2,415 2,597 Non-current finance debt 22,230 24,141 21,376 22,590 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 15,705 amounting to USD 7,848 827 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 Out of Equinor's total outstanding unsecured bond portfolio, 34 prior to its final redemption at par or at certain specified premiums if there are changes to amount of these agreements is USD 24,076 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) 2023 2022 Year 2 and 3 4,683 4,794 Year 4 and 5 4,511 4,510 After 5 years 13,035 14,837 Total repayment of non-current finance debt 22,230 24,141 Weighted average maturity (years - including current portion) 9 9 Weighted average annual interest rate (% - including current portion) 3.41 3.29 Current finance debt At 31 December (in USD million) 2023 2022 Collateral liabilities 458 1,571 Non-current finance debt due within one year 2,400 2,547 Other including US Commercial paper programme 3,138 241 Total current finance debt 5,996 4,359 Weighted average interest rate (%) 3.77 2.22 Collateral liabilities and other current liabilities mainly relate to cash received as security outstanding amounts on US Commercial paper (CP) programme. Issuance on the CP programme 1,895 of 31 December 2023 and USD 227 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 2) Non- controlling interest Dividend payable Lease liabilities 3) Total At 1 January 2023 24,140 4,359 (3,468) 3,041 1 2,808 3,667 Repayment of finance debt (2,818) (2,818) Repayment of lease liabilities (1,422) (1,422) Dividend paid (10,906) (10,906) Share buy-back (5,589) (5,589) Net current finance debt and other finance activities 1,385 1,287 (69) (10) 2,593 Net cash flow from financing activities (2,818) 1,385 1,287 (5,658) (10) (10,906) (1,422) (18,142) Transfer to current portion 147 (147) Effect of exchange rate changes 321 44 (5) - (25) Dividend declared 10,783 Debt in RIO Energy 437 New leases 1,379 Other changes 2 354 (1) 2,617 19 (36) (29) Net other changes 907 251 (6) 2,617 19 10,747 1,325 At 31 December 2023 22,230 5,995 (2,185) - 10 2,649 3,570 (in USD million) Non-current finance debt Current finance debt Financial receivable Collaterals 1) Additional paid in capital 2) Non- controlling interest Dividend payable Lease liabilities 3) Total At 1 January 2022 27,404 5,273 (1,577) 6,408 14 582 3,562 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) 21 (2) 57 (24) Net other changes (3,014) 2,068 145 21 (5) 7,606 1,471 At 31 December 2022 24,140 4,359 (3,468) 3,041 1 2,808 3,667 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) 3) |
Pensions
Pensions | 12 Months Ended |
Dec. 31, 2023 | |
Pensions [Abstract] | |
Pensions | 22 Pensions Accounting policies Equinor has pension plans for employees that either provide a defined pension benefit upon retirement or a pension 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 the 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 balance 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 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. 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). 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 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. In this note pension costs are presented 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 Total pension costs amount to USD 441 458 488 cost and interest income related to defined benefit plans are included in the Consolidated items. Changes in pension liabilities and plan assets (in USD million) 2023 2022 Pension liabilities at 1 January 7,664 9,358 Current service cost 145 183 Interest cost 318 105 Actuarial (gains)/losses and currency effects 338 (1,785) Changes in notional contribution liability and other 56 67 Benefits paid (284) (258) Losses/(gains) from curtailment, settlement or plan 91 (5) Pension liabilities at 31 December 8,328 7,664 Fair value of plan assets at 1 January 5,213 6,404 Interest income 190 116 Return on plan assets (excluding interest income) 202 (622) Company contributions 211 104 Benefits paid (141) (121) Losses (gains) from curtailment, settlement or plan 113 (5) Other effects - 6 Foreign currency translation effects (124) (669) Fair value of plan assets at 31 December 5,664 5,213 Net pension liability at 31 December 2,665 2,452 Represented by: Asset recognised as non-current pension assets 1,260 1,219 Liability recognised as non-current pension liabilities 3,925 3,671 Pension liabilities specified by funded and unfunded 8,328 7,664 Funded 4,404 3,994 Unfunded 3,925 3,670 Equinor recognised an actuarial loss from changes in financial assumptions in 2023. No end 2022, but other assumptions increased with 50 Actuarial assumptions Assumptions used to determine benefit obligations in % Rounded to the nearest quartile 2023 2022 Discount rate 3.75 3.75 Rate of compensation increase 4.00 3.50 Expected rate of pension increase 3.25 2.75 Expected increase of social security base amount (G-amount) 3.75 3.25 Weighted-average duration of the defined benefit obligation 13.25 13.50 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 discount rate and expected rate of pension defined benefit plans. The following estimates are based on facts and circumstances as of 31 December Discount rate Expected rate of pension increase (in USD million) 0.50% -0.50% 0.50% -0.50% Effect on: Defined benefit obligation at 31 December 2023 (521) 587 494 (451) 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 actually 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 for year will depend on the risk capacity. Target portfolio weight (in %) 2023 2022 Equity securities 33.6 32.9 30 - 38 Interest bearing investments 61.7 60.5 52 - 65 Real estate 4.7 6.6 5 - 10 Total 100.0 100.0 In 2023, 100 % of the equity securities and 13 % of bonds had quoted market prices in an active market. 87 % of bonds and 100% of money market instruments had market prices based on inputs other than quoted prices. If quoted values are determined from external calculation models based on market observations from various 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 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 2024 is approximately USD 109 |
Provisions and other liabilitie
Provisions and other liabilities | 12 Months Ended |
Dec. 31, 2023 | |
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 as an increase of the related plant and equipment and is subsequently depreciated over the useful life of the asset. Any estimated expenditure is reflected as an adjustment to the provision and the corresponding adjustment to the carrying 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 recognised as a reduction of Depreciation, amortisation and net impairment When an asset has reached the end of its useful life, all subsequent changes to the ARO expenses in the Consolidated statement of income. Removal provisions associated with Equinor's role as shipper of volumes through third party transport incurred. Estimation uncertainty regarding asset retirement obligations Establishing the appropriate estimates for such obligations are based on historical knowledge combined with knowledge technological developments, expectations about future regulatory and technological development and judgement and an inherent risk of significant adjustments. The costs of decommissioning and removal to changes in current regulations and technology while considering relevant risks and 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 judgement. (in USD million) Asset retirement obligations Other provisions and liabilities Total Non-current portion at 31 December 2022 11,569 4,064 15,633 Current portion at 31 December 2022 reported provisions 165 494 659 Provisions and other liabilities at 31 December 2022 11,734 4,558 16,292 New or increased provisions and other liabilities 488 443 931 Change in estimates 845 25 870 Amounts charged against provisions and other liabilities (126) (301) (427) Effects of change in the discount rate (276) 13 (263) Reduction due to divestments (403) 97 (306) Accretion expenses 462 76 538 Reclassification, transfer and other (174) (1,387) (1,561) Foreign currency translation effects (190) 62 (128) Provisions and other liabilities at 31 December 2023 12,360 3,586 15,946 Non-current portion at 31 December 2023 12,171 3,133 15,304 Current portion at 31 December 2023 reported provisions 190 452 642 Equinor's estimated asset retirement obligations (ARO) have increased by USD 626 12,360 2023 compared to year-end 2022. Changes in ARO 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 on provisions and contingent liabilities, see note 26 Other commitments, contingent liabilities and contingent assets. The timing of cash outflows of asset retirement obligations depends on the expected cease of production Line item Reclassification, transfer and other includes USD 1,388 further details. 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 1.3 An increase in the discount rate of 1.3 1,994 reduction would increase the liability by USD 2,507 regards to change in the removal year. Expected timing of cash outflows (in USD million) Asset retirement obligations Other provisions and liabilities Total 2024 - 2028 1,512 2,580 4,092 2029 - 2033 997 342 1,339 2034 - 2038 2,605 134 2,739 2039 - 2043 4,610 (42) 4,568 Thereafter 2,636 572 3,208 At 31 December 2023 12,360 3,586 15,946 |
Trade, other payables and provi
Trade, other payables and provisions | 12 Months Ended |
Dec. 31, 2023 | |
Trade, other payables and provisions [Abstract] | |
Trade, other payables and provisions | 24 Trade, other payables and provisions At 31 December (in USD million) 2023 2022 Trade payables 5,317 6,207 Non-trade payables and accrued expenses 2,210 2,688 Payables due to participation in joint operations and 2,283 2,074 Payables to equity accounted associated companies 1,242 1,479 Total financial trade and other payables 11,052 12,449 Current portion of provisions and other non-financial 819 903 Trade, other payables and provisions 11,870 13,352 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. equity accounted associated companies and other related parties, see note 27 Related parties. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
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 consideration. At the date at which the underlying asset is made available for Equinor, the present value of future lease payments (including extension options considered reasonably certain to be exercised) is recognised as 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 are expensed or (if appropriate) depending on the activity in 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 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 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) 2023 2022 Lease liabilities at 1 January 3,667 3,562 New leases, including remeasurements and cancellations 1,379 1,644 Gross lease payments (1,590) (1,484) Lease interest 138 95 Lease repayments (1,451) (1,451) (1,389) (1,389) Foreign currency translation effects (25) (149) Lease liabilities at 31 December 3,570 3,667 Current lease liabilities 1,279 1,258 Non-current lease liabilities 2,291 2,409 Equinor recognised revenues of USD 337 319 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 management. Non-current lease liabilities maturity profile At 31 December (in USD million) 2023 2022 Year 2 and 3 1,342 1,360 Year 4 and 5 470 483 After 5 years 478 566 Total repayment of non-current lease liabilities 2,291 2,409 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, 2023 | |
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 taxation on income and 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 income tax, 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 11,259 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 2023, Equinor was committed to participate in 34 46 %. Equinor's share of estimated expenditures to drill these wells amounts to USD 609 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 use, processing, 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 commodity Obligations payable by Equinor to entities accounted for in the Equinor group using the equity method with Equinor’s full proportionate share. For assets (such as pipelines) that are included in 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 commitment payable by Equinor (i.e. Equinor’s proportionate share of the applicable entity). The table below also includes USD 3,600 according to IFRS 16, as well as leases not yet commenced. Nominal minimum other long-term commitments at 31 December 2023: (in USD million) 2024 2,659 2025 1,972 2026 1,615 2027 1,187 2028 1,010 Thereafter 6,775 Total other long-term commitments 15,218 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 2023 is USD 1,564 the guarantees is immaterial. Contingent liabilities and contingent assets 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 in central Algeria). Following a suspension of activity in 2013, PIUL issued multiple to the costs incurred for stand-by and remobilization costs. Several VoRs have been paid, but the settlement of the remaining has been unsuccessful. PIUL initiated arbitration in August 2020 claiming an estimated amount 533 a 31.85 % share. Equinor's maximum exposure amounts to USD 163 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 Brazil has with Norway. The lawsuit relates to services without transfer of technology on fields where Equinor is a partner. Court proceedings through several levels in the legal system have been ongoing, and a final verdict has tax has not been paid since 2014. Equinor's share of maximum exposure in the USD 159 developments in similar litigation in Brazil have led to an updated evaluation of the likelihood of best estimate in the case as income tax expense. 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 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 2023, the acquired interest remains on 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 is opinion that specific incentives so far relevant for the Roncador and Peregrino fields are de Janeiro requires deposits to be paid with the addition of fines and interest. While legal clarification from the Supreme Court that the law is constitutional, subject to a final ruling, Equinor’s mainly related to the law’s impact specifically for Repetro and other state tax incentives. Equinor believes that our will ultimately be upheld by the courts, and no amounts have consequently been provided for in the 2023, the maximum exposure for Equinor in the matter has been estimated to be a total of USD 114 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 adjusts of disposition of certain Canadian resource properties from the partnership. Maximum exposure is 380 matter in 2023. While the court process may take several years, the reassessment will impact Equinor’s proceedings are ongoing. Equinor is of the view that all applicable tax regulations have been a strong position. No amounts have consequently been provided for in the financial statements. Other claims During the normal course of its business, Equinor is involved in legal proceedings, and several other 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 affected by the resolution 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 23 Provisions 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, 2023 | |
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 2023, the Norwegian State had an ownership interest in Equinor of 67.0 % (excluding Folketrygdfondet, the Norwegian national insurance fund, of 3.6 %). This ownership structure means that Equinor participates in transactions under a common ownership structure and therefore meet the definition of a related party. For accounting policies and accounting judgement related to transactions with the Norwegian State, other income. Total purchases of oil and natural gas liquids from the Norwegian State amounted to USD 10.1 12.6 and USD 9.6 parties specified in note 24 Trade and other payables are mostly related to these purchases, and is included in the Trade, other payables and provisions. In addition, Equinor sells in its own name, but for the Norwegian State’s account and risk, the Norwegian State’s gas production. Trade and other receivables include a receivable from the Norwegian State under the Marketing Instruction in relation to the (SDFI) participation in the gas sales activities of a foreign subsidiary of Equinor, estimated at USD 0.1 corresponding estimated amount of USD 1.5 financial receivables. The decrease is mainly related to reduced cost price for gas storage volume corresponding non-current liability of USD 0.1 activities in the foreign subsidiary, and is included within Provisions and other liabilities in the below table. The estimated total non- current liabilities to SDFI amount to USD 0.8 2.1 In addition, the line-item Finance debt, which form part of the sub-total Total current liabilities, includes a liability of USD 0.9 SDFI due to cash received for collateral deposits requirement ( 0 Transactions with the Norwegian State related to Equinor’s share buy-back programme are presented in capital distribution and earnings per share. Other transactions In its ordinary business operations, Equinor enters into contracts such as pipeline transport, gas products, with companies in which Equinor has ownership interests. Gassled and certain other infrastructure assets are operated by Gassco AS, which is an Norwegian Ministry of 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 owners. Equinor payments that respect amounted to USD 1.0 1.2 1.0 represent Equinor’s capacity payment net of Equinor’s own ownership manages, in its own name, but for the Norwegian State’s account and risk, the Norwegian State’s share of the Gassco transactions are presented net. Equinor has had transactions with other associated companies and joint ventures in the course 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 arrangement based on the “no-gain/no-loss” principle. Related party transactions with management are presented in note 8 Salaries and personnel expenses. due to Equinor’s share buy-back programme are presented in note 20 Shareholders’ share. Outstanding balances to related parties split on SDFI and other related parties are party transactions are carried out on market terms. At 31 December 2023 Norwegian State's Direct Financial Interests Equity accounted associated companies and other related parties Third parties Total amount (in USD million) Assets Prepayments and financial receivables - 103 1,188 1,291 Trade and other receivables 1,007 49 15,877 16,933 Liabilities Non-current provisions and other liabilities 850 - 14,454 15,304 Trade, other payables and provisions 1,195 47 10,628 11,870 Current finance debt 893 - 5,103 5,996 At 31 December 2022 Norwegian State's Direct Financial Interests Equity accounted associated companies and other related parties Third parties Total amount (in USD million) Assets Prepayments and financial receivables 1,461 61 541 2,063 Trade and other receivables 1,103 173 21,176 22,452 Liabilities Non-current provisions and other liabilities 2,072 - 13,561 15,633 Trade, other payables and provisions 1,419 60 11,873 13,352 Current finance debt - - 4,359 4,359 |
Financial instruments and fair
Financial instruments and fair value measurement | 12 Months Ended |
Dec. 31, 2023 | |
Financial instruments and fair value measurement [Abstract] | |
Financial instruments and fair value measurement | 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 Short-term highly liquid investments with original maturity exceeding 3 months are classified as financial investments are primarily accounted for at amortised cost. 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 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. Gains and losses arising on the sale, settlement or cancellation of financial assets are recognised within 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 liability more than 12 months after the balance sheet date, or if the liabilities are held for the Gains 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 part of Revenues, 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 Consolidated statement of income as Revenue from contracts with customers and Purchases [net of inventory This is applicable to a significant number of contracts for the purchase or sale of crude oil and contracts for the purchase or sale of power. 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 derivatives are physically settled, the previously recognised unrealised gain/loss is included derivatives. Both these elements are included as part of Revenues. The physical deliveries made in Revenue from contracts with customers at contract price. 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 carried an active market for a commodity or other non-financial item referenced in a purchase or sale contract, 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 Equinor, this mainly relates to certain natural gas sales contracts where the pricing formula references power. 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 and payables, 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 2023 Fair value through profit or loss Non-financial assets Total carrying amount (in USD million) Note Amortised cost Assets Non-current derivative financial instruments 559 559 Non-current financial investments 16 75 3,366 3,441 Prepayments and financial receivables 16 341 950 1,291 Trade and other receivables 18 16,193 740 16,933 Current derivative financial instruments 1,378 1,378 Current financial investments 16 28,822 402 29,224 Cash and cash equivalents 19 7,767 1,875 9,641 Total 53,198 7,580 1,690 62,467 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 2023 Amortised cost Fair value through profit or loss Non-financial liabilities Total carrying amount (in USD million) Note Liabilities Non-current finance debt 21 22,230 22,230 Non-current derivative financial instruments 1,795 1,795 Trade, other payables and provisions 24 11,052 819 11,870 Current finance debt 21 5,996 5,996 Dividend payable 2,649 2,649 Current derivative financial instruments 1,619 1,619 Total 41,927 3,414 819 46,159 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 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 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 2023 Level 1 1,294 0 - 6 0 - 1,300 Level 2 1,528 104 402 1,195 1,875 (1,754) (1,577) 1,773 Level 3 543 455 177 (42) (41) 1,092 Total fair value 3,366 559 402 1,378 1,875 (1,795) (1,619) 4,166 At 31 December 2022 Level 1 903 - - 25 - (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 Level 1, fair value based on prices quoted in an active market for identical assets or liabilities, traded and for which the values recognized in the Consolidated balance sheet are determined based 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 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 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 inflation. If Equinor had applied this assumption, the fair value of the contracts included would 0.3 0.5 During 2023 the financial instruments within level 3 have had a net decrease in fair value of USD 167 191 derivatives and earn-out agreements. During 2022, the same financial instruments had a net increase in fair 416 of which a gain of USD 370 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent events [Abstract] | |
Subsequent events | 29 Subsequent events Swap of US Offshore Wind assets In January 2024, Equinor entered into a swap agreement with bp. Equinor will acquire 50 % share and take full ownership of Empire Offshore Wind Holdings LLC, including the Empire Wind lease and projects, while bp will acquire Equinor’s 50 % share and take full ownership of Beacon Wind Holdings LLC, including the Beacon Wind lease consolidate Empire Wind and derecognise its 50 % share of Beacon Wind in the first quarter of 2024. Equinor will also acquire bp's 50 % interest in the South Brooklyn Marine Terminal (SBMT) lease. The transaction, pending regulatory approvals, is anticipated to be cash neutral, with the exception of standard cash and working capital settlements and will be recognised |
Significant accounting policies
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting policies [Abstract] | |
Statement of compliance | Statement of compliance The Consolidated financial statements of Equinor ASA and its subsidiaries (Equinor) have been Accounting Standards as adopted by the European Union (EU) and with IFRS Accounting Standards Accounting Standards Board (IASB), IFRIC® Interpretations issued by IASB and the additional requirements Accounting Act, effective on 31 December 2023. |
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 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 The line items included in Total operating expenses in the Consolidated statement of income are presented as a combination of function and nature in conformity with industry practice. Purchases [net of inventory variation] impairments are presented on separate lines based on their nature, while Operating expenses expenses as well as Exploration expenses are presented on a functional basis. Significant are presented by their 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. |
Foreign currency translation | Foreign currency translation Foreign exchange differences arising on translation of transactions, assets and liabilities to the functional currency of individual entities in Equinor are recognised in the Consolidated statement of income as foreign exchange 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. When preparing the Consolidated financial statements, the financial statements of entities with functional currencies other Group’s presentation currency USD are translated into USD, and the foreign exchange differences are recognised separately in Consolidated statement of comprehensive income within Other comprehensive income (OCI). The cumulative amount translation differences relating to an entity is reclassified to the Consolidated statement of income and reflected as a part of loss on disposal of that entity. 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, amortisations 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, instruments, and other interest-bearing items are all presented net as part of Investing activities, either because financial investments and turnover is quick, the amounts are large, and the maturities are short, |
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. Information about judgements recognised in the Consolidated financial statements is described in the following notes: Note 6 – Acquisitions and disposals Note 7 – Total revenues and other income Note 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 Note 3 – Climate change and energy transition Note 11 – Income taxes Note 12 – Property, plant and equipment Note 13 – Intangible assets Note 14 – Impairments Note 23 – Provisions and other liabilities Note 26 – Other commitments, contingent liabilities and contingent assets |
Adoption of new IFRS Accounting Standards, amendments to IFRS Accounting Standards and IFRIC Interpretations | Adoption of new IFRS Accounting Standards, amendments to IFRS Accounting Standards New IFRS Accounting Standards, amendments to IFRS Accounting Standards and IFRIC Interpretations effective and adopted Equinor from 1 January 2023 do not have significant impact on Equinor’s Consolidated includes among others IFRS 17 Insurance Contracts and amendments to IAS 12 International Tax Reform – Pillar Two Model Rules (top-up tax). IFRS Accounting Standards, amendments to IFRS Accounting Standards, either not expected to materially impact Equinor's Consolidated financial statements upon adoption or are Equinor has not early adopted any IFRS Accounting Standard, amendments to IFRS Accounting Standards, or IFRIC issued, but not yet effective. |
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 Officer (CEO). 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 retirement obligations are excluded as well as provisions for onerous contracts which reflect only parties. The measurement basis of segment profit is net operating income/(loss). Deferred tax assets, financial assets, total current assets and total liabilities are not allocated to the segments. Transactions between the segments, from the sale of crude oil, gas, prices. The transactions are eliminated upon consolidation. |
Business combinations and divestments | Business combinations and divestments Business combinations, except for transactions between entities under common control, are accounted for method when control is transferred to the group. The purchase price includes total consideration and liabilities, as well as contingent consideration at fair value. The acquired identifiable measured at fair value at the date of the acquisition. Acquisition costs incurred are expensed under expenses. Changes in the fair value of contingent consideration resulting from events after the Consolidated statement of income under Other income. Equinor recognises a gain or loss on disposal of a subsidiary when control is lost. Any interest retained measured at fair value at the time of loss of control. However, when partially divesting subsidiaries that do not constitute a business, and where the retained investment in the former subsidiary is an associate or a jointly gain or loss only on the divested part within Other income or Operating expenses, 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 and gas exploration and evaluation licences for which a development decision has not yet represent asset purchases, while purchases of producing assets have largely been concluded to |
Assets classified as held for sale | 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 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 separately. 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 assessment requires judgement to be applied on a case-by-case basis, considering the substance of the transactions. In evaluating requirements, Equinor acknowledges pending considerations related to several relevant and similar issues postponed by the IASB in anticipation of concurrent consideration at a later date. Where assets entities concurrently with a portion of the entities’ shares being sold to a third party, thereby resulting in Equinor’s loss of control those asset-owning subsidiaries, and where investments in joint ventures are established simultaneously, Equinor has concluded to recognise the gain only 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, power and other merchandise obtains control of those products, which for tangible products normally is when title passes contractual terms of the agreements. Each such sale normally represents a single performance obligation. as well as power, which is delivered on a continuous basis through pipelines and grid, 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 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 interest, costs are deferred for the underlift. Certain long-term LNG and natural gas sales contracts include clauses which entail price reviews of either party. Where updated prices have not yet been agreed upon for volumes already delivered, it is necessary to estimate the amount of variable consideration Equinor expects to be entitled to for these volumes. In the degree of estimation uncertainty and reasoned judgement in establishing the expected variable 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 Norwegian State’s Direct Financial purchases and sales of the SDFI's oil and natural gas liquids production are classified as purchases revenues 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 including Liquefied Natural Gas (LNG). These gas sales and related expenditures refunded by the SDFI are presented net in the statements. Natural gas sales made in the name of Equinor’s subsidiaries Consolidated statement of income, but this activity is reflected 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 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 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 income tax and effects of changes in deferred tax Income tax is recognised in the Consolidated statement of income except when it relates to items income (OCI). Current tax consists of the expected tax payable for the year and any adjustment to tax payable 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 penalties) or assets to which payment has already been made) is recognised within Current tax or Deferred tax 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 Equinor has adopted amendments to IAS 12 – International Tax Reform – Pillar Two Model Rules (top-up tax) with effect from 1 January 2023. Equinor has applied the mandatory exception and does not recognise or disclose and liabilities related to Pillar Two income taxes. The mandatory exception applies retrospectively. However, since no new legislation to implement the top-up tax was enacted or substantively enacted on 31 December 2022 in any jurisdiction in which Equinor operates, at that date, the retrospective application has no impact on the Consolidated financial statements. Estimation uncertainty regarding income tax Equinor incurs significant amounts of income taxes payable to various jurisdictions and may recognise 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 of tax 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 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 Contingent consideration included in the acquisition of an asset or group of similar assets is later changes in fair value other than due to the passage of time reflected in the book value 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 recognition as assets of 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 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 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 | Research and development Equinor undertakes research and development both on a funded basis for licence holders 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 Accounting initial recognition, any capitalised development costs are accounted for in the same manner not qualifying for capitalisation are expensed as incurred, see note 9 Auditor’s remuneration expenditures for more 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 assets, impact the unit of production rates used for depreciation and amortisation. Proved oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty 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 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 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 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 recoverable quantities, based on Equinor's judgement of future economic conditions, from projects in development. As per Equinor’s internal guidelines, expected reserves are 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 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 for deferred 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 | Oil and gas exploration, evaluation and development expenditures Equinor uses the successful efforts method of accounting for oil and gas exploration costs. Expenditures to 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 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 will be considered a trigger for impairment evaluation of the well if no development decision is planned 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 and equity investments | Accounting policies Impairment of property, plant and equipment, right-of-use assets, intangible assets including goodwill and equity accounted investments Equinor assesses individual assets or groups of assets for impairment whenever events or changes in carrying value may not be recoverable. Assets are grouped into cash generating units (CGUs). individual oil and gas fields or plants, or equity accounted investments. Each unconventional asset when no cash inflows from parts of the play can be reliably identified as being largely independent of the 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. well has not found proved reserves, the previously capitalised costs are tested for impairment. 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 and reversals of impairment are presented in the Consolidated statement of income as Exploration Depreciation, amortisation and net impairment, on the basis of the nature of the impaired 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 assets’ fair value less cost of disposal as the recoverable amount when such a value is available, recent and comparable transactions. 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 impairment that would be required if pre-tax discount rates had been used. Impairment reversals A previously recognised impairment is reversed only if there has been a change in the estimates recoverable amount since the last impairment was recognised. Previously recognised impairments of goodwill 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 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. Changes in foreign currency exchange rates will also affect value in use, especially for assets on the NCS, where the functional currency is NOK. When estimating the recoverable approach is applied to reflect uncertainties in timing and amounts inherent in the assumptions used For example, climate-related matters (see also Note 3 Climate change and energy transition ) 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, assumptions used for estimating future cash flows using probability-weighted scenario 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 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 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 currently include the majority of (REN) operating and reporting segment. Equinor’s participation in joint arrangements companies in which Equinor has neither control nor joint control but has the ability to financial policies, are classified and accounted for as equity accounted investments. 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. Equinor also reflects its share of the investment’s other comprehensive income (OCI) arisen after the acquisition. The part of an investment’s dividend distribution exceeding the entity’s carrying amount in the Consolidated balance sheet is reflected as income from equity accounted investments in the Consolidated statement of income. Equinor will subsequently profit in the investment that exceeds the dividend already reflected as income. The Consolidated statement of income reflects Equinor’s share of the results account for depreciation, amortisation and any impairment of the equity accounted entity’s assets based on their date of acquisition. In case of material differences in accounting policies, adjustments are made in order to equity accounted investment in line with Equinor’s accounting policies. Net income/loss from presented on a separate line 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 part of Equinor’s 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 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 Commodity inventories held for trading purposes are measured at fair value less cost to sell (FVLCS), with value recognised in the Consolidated statement of income as part of Revenues. These inventories fair value hierarchy. |
Cash and cash equivalents | Accounting policies Cash and cash equivalents are accounted for at amortised cost and include cash in hand, bank investments with original maturity of three months or less which are readily convertible to known insignificant risk of changes in fair value. Contractually mandatory deposits in escrow bank accounts are included and cash equivalents if the deposits are provided as part of the Group’s operating activities and therefore are deemed purpose of meeting short ‑ term cash commitments, and the deposits can be released from the escrow account without expenses. |
Share buyback policy | Accounting policies Share buy-back Where Equinor has either acquired own shares under a share buy-back programme 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 pension 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 the 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 balance 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 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. 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 as an increase of the related plant and equipment and is subsequently depreciated over the useful life of the asset. Any estimated expenditure is reflected as an adjustment to the provision and the corresponding adjustment to the carrying 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 recognised as a reduction of Depreciation, amortisation and net impairment When an asset has reached the end of its useful life, all subsequent changes to the ARO expenses in the Consolidated statement of income. Removal provisions associated with Equinor's role as shipper of volumes through third party transport incurred. Estimation uncertainty regarding asset retirement obligations Establishing the appropriate estimates for such obligations are based on historical knowledge combined with knowledge technological developments, expectations about future regulatory and technological development and judgement and an inherent risk of significant adjustments. The costs of decommissioning and removal to changes in current regulations and technology while considering relevant risks and 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 judgement. |
Leases | Accounting policies Leases A lease is defined as a contract that conveys the right to control the use of an identified asset consideration. At the date at which the underlying asset is made available for Equinor, the present value of future lease payments (including extension options considered reasonably certain to be exercised) is recognised as 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 are expensed or (if appropriate) depending on the activity in 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 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 |
Other commitments, contingent liabilities and contingent assets | Accounting policies Estimation uncertainty regarding levies Equinor’s global business activities are subject to taxation on income and 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 income tax, 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 Short-term highly liquid investments with original maturity exceeding 3 months are classified as financial investments are primarily accounted for at amortised cost. 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 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. Gains and losses arising on the sale, settlement or cancellation of financial assets are recognised within |
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 liability more than 12 months after the balance sheet date, or if the liabilities are held for the Gains 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 part of Revenues, 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 Consolidated statement of income as Revenue from contracts with customers and Purchases [net of inventory This is applicable to a significant number of contracts for the purchase or sale of crude oil and contracts for the purchase or sale of power. 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 derivatives are physically settled, the previously recognised unrealised gain/loss is included derivatives. Both these elements are included as part of Revenues. The physical deliveries made in Revenue from contracts with customers at contract price. 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 carried an active market for a commodity or other non-financial item referenced in a purchase or sale contract, 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 Equinor, this mainly relates to certain natural gas sales contracts where the pricing formula references power. |
Climate change and energy tra_2
Climate change and energy transition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Climate change and energy transition [Abstract] | |
Schedule of number of EU ETS quotas utilised and related monetary amounts recognised | Number of EU ETS quotas in thousands in USD million 2023 2022 2023 2022 Opening balance at 1 January 10,782 11,026 20 59 Allocated free quotas 356 3,697 Purchased quotas on the ETS market 7,822 5,985 708 509 Sold quotas on the ETS market 0 0 Returned excess free quotas (544) 0 Settled quotas (offset against emissions) (9,840) (9,926) (635) (548) Closing balance at 31 December 8,576 10,782 93 20 |
Schedule of investments included as additions to PP&E, intangibles and equity accounted investments | (in USD million) 2023 2022 Offshore, REN 880 146 Onshore, REN 1,127 152 Total Additions to PP&E, intangibles and equity accounted investments - REN 2,007 298 Low carbon solutions (within MMP) 179 36 Total Additions to PP&E, intangibles and equity accounted investments - REN LCS 2,186 334 |
Price sensitivity | Management's price assumptions 1) Net Zero Emissions (NZE) by 2050 Scenario 4) Announced Pledges Scenario (APS) 5) Brent blend, 2030 78 USD/bbl 46 USD/bbl 79 USD/bbl Brent blend, 2040 73 USD/bbl 37 USD/bbl 72 USD/bbl Brent blend, 2050 68 USD/bbl 28 USD/bbl 65 USD/bbl TTF, 2030 9.1 USD/MMBtu 4.5 USD/MMBtu 6.8 USD/MMBtu TTF, 2040 9.5 USD/MMBtu 4.4 USD/MMBtu 6.2 USD/MMBtu TTF, 2050 9.5 USD/MMBtu 4.3 USD/MMBtu 5.6 USD/MMBtu EU ETS 2), 3) , 2030 123 USD/tCO 2 146 USD/tCO 2 141 USD/tCO 2 EU ETS 2), 3) , 2040 150 USD/tCO 2 214 USD/tCO 2 182 USD/tCO 2 EU ETS 2), 3) , 2050 176 USD/tCO 2 261 USD/tCO 2 208 USD/tCO 2 Illustrative potential impairment (USD) ~ 10.0 billion ~ 3.0 billion Management’s future commodity price assumptions 2) 2 2 3) 1,176 . 4) reach a 1.7ºC increase in the year 2100. 5) |
Financial risk and capital ma_2
Financial risk and capital management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Undiscounted contractual cash flows | At 31 December 2023 2022 (in USD million) Non-derivative financial liabilities Lease liabilities Derivative financial liabilities Non-derivative financial liabilities Lease liabilities Derivative financial liabilities Year 1 20,209 1,369 857 20,172 1,325 1,065 Year 2 and 3 6,035 1,434 636 6,292 1,421 752 Year 4 and 5 5,601 496 404 5,785 504 486 Year 6 to 10 6,846 405 1,016 8,749 465 1,202 After 10 years 10,751 72 340 11,204 120 706 Total specified 49,442 3,776 3,253 52,202 3,835 4,211 |
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 2023 Investment grade, rated A or above 193 5,857 305 565 Other investment grade 8 5,132 7 565 Non-investment grade or not rated 140 5,204 247 248 Total financial assets 341 16,193 559 1,378 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 |
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 2023 Financial assets Trade receivables 17,139 3,133 14,006 0 14,006 Collateral receivables 8,713 6,526 2,186 2,186 0 Derivative financial instruments 12,767 10,829 1,937 677 1,260 Total financial assets 38,619 20,488 18,129 2,863 15,266 Financial liabilities Trade payables 14,184 3,133 11,051 0 11,051 Collateral liabilities 7,791 7,333 458 458 0 Derivative financial instruments 13,437 10,023 3,414 2,405 1,009 Total financial liabilities 35,412 20,488 14,923 2,863 12,060 (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 16,923 13,455 3,468 3,468 0 Derivative financial instruments 28,535 23,806 4,730 1,708 3,022 0 Total financial assets 71,065 44,725 26,341 5,176 21,164 Financial liabilities Trade payables 19,913 7,464 12,449 0 12,449 Collateral liabilities 13,936 12,365 1,571 1,571 0 Derivative financial instruments 31,377 24,895 6,482 3,605 2,877 Total financial liabilities 65,226 44,725 20,502 5,176 15,326 |
Capital Management | At 31 December (in USD million) 2023 2022 Net interest-bearing debt adjusted, including lease (5,040) (6,750) Net interest-bearing debt adjusted (ND2) (8,610) (10,417) Capital employed adjusted, including lease liabilities 43,460 47,239 Capital employed adjusted (CE2) 39,890 43,571 Net debt to capital employed adjusted, including (11.6%) (14.3%) Net debt to capital employed adjusted (ND2/CE2) (21.6%) (23.9%) |
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 2023 2022 (in USD million) - 30% + 30% - 30% + 30% Crude oil and refined products net gains/(losses) 442 (442) 666 (666) Natural gas, electricity and CO2 net gains/(losses) 86 (52) (3) 140 |
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 2023 (in USD million) NOK EUR GBP Impact from an 11% strengthening of given currency vs USD on: Shareholders equity through OCI 1,519 406 903 Shareholders equity through P&L (413) (418) (92) Impact from an 11% weakening of given currency vs USD on: Shareholders equity through OCI (1,519) (406) (903) Shareholders equity through P&L 413 418 92 Currency risk sensitivity At 31 December 2022 (in USD million) NOK EUR GBP Impact from a 12% strengthening of given currency vs Shareholders equity through OCI 3,552 837 750 Shareholders equity through P&L (889) (259) (389) Impact from a 12% weakening of given currency Shareholders equity through OCI (3,552) (837) (750) Shareholders equity through P&L 889 259 389 |
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 2023 2022 (in USD million) points + 1.3 percentage points points + 1.2 percentage points Positive/(negative) impact on net financial items 336 (333) 369 (366) |
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 2023 2022 (in USD million) - 35% + 35% - 35% + 35% Net gains/(losses) (552) 552 (450) 450 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segments [Abstract] | |
Operating segments data | 2023 E&P Norway E&P International E&P USA MMP REN Other Eliminations Total group (in USD million) Revenues third party 230 993 277 105,242 20 85 0 106,848 Revenues and other income inter-segment 37,999 6,009 4,009 633 12 33 (48,695) 0 Net income/(loss) from equity accounted investments 0 28 0 12 (33) (8) 0 (1) Other income 111 1 32 23 18 142 0 327 Total revenues and other income 38,340 7,032 4,319 105,908 17 253 (48,695) 107,174 Purchases [net of inventory variation] 0 (70) 0 (95,769) 0 (1) 47,665 (48,175) Operating, selling, general and administrative expenses (3,759) (2,176) (1,178) (4,916) (462) (201) 893 (11,800) Depreciation and amortisation (4,429) (2,123) (1,779) (897) (12) (133) 0 (9,373) Net impairment (losses)/reversals (588) (310) 290 (343) (300) (10) 0 (1,260) Exploration expenses (476) (20) (299) 0 0 0 0 (795) Total operating expenses (9,253) (4,700) (2,966) (101,925) (774) (345) 48,558 (71,404) Net operating income/(loss) 29,087 2,332 1,353 3,984 (757) (92) (137) 35,770 Additions to PP&E, intangibles and equity accounted investments 5,939 4,376 1,206 844 2,007 128 0 14,500 Balance sheet information Equity accounted investments 3 0 0 783 1,665 57 0 2,508 Non-current segment assets 28,915 17,977 11,049 3,997 1,575 1,018 0 64,530 Non-current assets not allocated to segments 14,487 Total non-current assets 81,525 Assets classified as held for sale 0 1,064 0 0 0 0 0 1,064 2022 E&P Norway E&P International E&P USA MMP REN Other Eliminations Total group (in USD million) Revenues third party 304 1,099 305 147,164 16 115 0 149,004 Revenues and other income 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 Other income 994 35 0 9 111 33 0 1,182 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 (10,593) 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) 87,130 (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 E&P International E&P USA MMP REN Other Eliminations Total group (in USD million) Revenues third party 261 1,115 377 86,883 8 99 0 88,744 Revenues and other income inter-segment 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 Other income 154 5 0 168 1,386 208 0 1,921 Total revenues and other income 39,386 5,565 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 (3,653) (1,405) (1,074) (3,753) (163) (432) 1,102 (9,378) Depreciation and amortisation (6,002) (1,734) (1,665) (869) (3) (158) 0 (10,432) Net impairment (losses)/reversals 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 (8,915) (5,237) (2,998) (86,230) (166) (590) 46,873 (57,261) Net operating income/(loss) 30,471 329 1,150 1,163 1,245 (234) (461) 33,663 Additions to PP&E, intangibles and equity accounted investments 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 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 |
Non-current assets by country | Non-current assets by country At 31 December (in USD million) 2023 2022 Norway 32,977 33,242 USA 12,587 12,343 Brazil 10,871 9,400 UK 5,535 3,688 Canada 1,157 1,171 Angola 1,103 895 Denmark 973 497 Argentina 648 615 Algeria 474 622 Poland 447 270 Other 265 1,672 Total non-current assets 1) 67,038 64,414 Excluding deferred tax assets, pension assets and |
Total revenues and other inco_2
Total revenues and other income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Total revenues and other income [Abstract] | |
Revenues from contracts with customers | Revenues from contracts with customers and (in USD million) Note 2023 2022 2021 Crude oil 56,861 58,524 38,307 Natural gas 26,386 65,232 28,050 23,174 58,239 24,900 1,111 2,884 1,783 2,102 4,109 1,368 Refined products 10,083 11,093 11,473 Natural gas liquids 8,345 9,240 8,490 Transportation 1,425 1,470 921 Other sales 3,032 4,702 1,006 Total revenues from contracts with customers 106,132 150,262 88,247 Taxes paid in-kind 342 412 345 Physically settled commodity derivatives 1,331 (2,534) (1,075) Gain/(loss) on commodity derivatives (1,041) 739 951 Change in fair value of trading inventory (334) (194) 0 Other revenues 418 319 276 Total other revenues 716 (1,258) 497 Revenues 106,848 149,004 88,744 Net income/(loss) from equity accounted investments 15 (1) 620 259 Other income 6 327 1,182 1,921 Total revenues and other income 107,174 150,806 90,924 |
Salaries and personnel expens_2
Salaries and personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Salaries and personnel expenses [Abstract] | |
Salaries and personnel expenses | (in USD million, except average number of employees) 2023 2022 2021 Salaries 1) 2,876 2,875 2,962 Pension costs 2) 441 458 488 Payroll tax 511 433 414 Other compensations and social costs 375 324 288 Total payroll expenses 4,203 4,090 4,152 Average number of employees 3) 22,600 21,500 21,400 Salaries include bonuses and expatriate costs in addition to base pay. 2) 3) 2 % for 2023 and 3 % for 2022 and 2021. |
Remuneration to members of the BoD and the CEC | (in USD million) 1) 2023 2022 2021 Current employee benefits 10.7 12.9 12.2 Post-employment benefits 0.3 0.4 0.4 Other non-current benefits 0.0 0.0 0.0 Share-based payment benefits 0.3 0.2 0.1 Total benefits 11.3 13.5 12.7 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, 2023 | |
Auditor's remuneration and Research and development expenditures [Abstract] | |
Auditor's remuneration | Auditor's remuneration Full year (in USD million, excluding VAT) 2023 2022 2021 Audit fee 14.9 11.4 14.4 Audit related fee 1.2 1.8 1.1 Tax fee - - - Other service fee - - - Total remuneration 16.1 13.2 15.5 |
Financial items (Tables)
Financial items (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial items [Abstract] | |
Schedule of Finance items | Full year (in USD million) 2023 2022 2021 Foreign currency exchange gains/(losses) derivative (1,476) 797 870 Other foreign currency exchange gains/(losses) 2,328 1,291 (823) Net foreign currency exchange gains/(losses) 852 2,088 47 Dividends received 218 93 39 Interest income financial investments, including 1,468 398 38 Interest income non-current financial receivables 31 30 26 Interest income other current financial assets and other 732 701 48 Interest income and other financial income 2,449 1,222 151 Gains/(losses) financial investments 123 (394) (348) Gains/(losses) other derivative financial instruments 351 (1,745) (708) Interest expense bonds and bank loans and net (1,263) (1,029) (896) Interest expense lease liabilities (132) (90) (93) Capitalised borrowing costs 468 382 334 Accretion expense asset retirement obligations (538) (449) (453) Interest expense current financial liabilities and (195) (192) (114) Interest expenses and other financial expenses (1,660) (1,379) (1,223) Net financial items 2,114 (207) (2,080) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes [Abstract] | |
Significant components of income tax expense | Significant components of income tax expense Full year (in USD million) 2023 2022 2021 Current income tax expense in respect of (24,028) (52,124) (21,271) Prior period adjustments (121) (112) (28) Current income tax expense (24,149) (52,236) (21,299) Origination and reversal of temporary differences (1,529) (2,136) (1,778) Recognition / derecognition of previously (un)recognised (137) 4,401 126 Change in tax regulations 4 0 4 Prior period adjustments (169) 110 (60) Deferred tax income/(expense) (1,831) 2,375 (1,708) Income tax (25,980) (49,861) (23,007) |
Reconciliation of statutory tax rate to effective tax rate | Reconciliation of statutory tax rate to effective Full year (in USD million) 2023 2022 2021 Income/(loss) before tax 37,884 78,604 31,583 Calculated income tax at statutory rate 1) (8,833) (18,168) (7,053) Calculated Norwegian Petroleum tax 2) (17,226) (36,952) (17,619) Tax effect uplift 3) 160 259 914 Tax effect of permanent differences regarding divestments 82 417 90 Tax effect of permanent differences caused by functional currency different from tax currency 5 145 150 Tax effect of other permanent differences 453 403 228 Recognition / derecognition of previously (un)recognised deferred 4) (137) 4,401 126 Change in unrecognised deferred tax assets (29) (34) 619 Change in tax regulations 4 0 4 Prior period adjustments (290) (3) (88) Other items including foreign currency effects (169) (327) (378) Income tax (25,980) (49,861) (23,007) Effective tax rate 68.6 % 63.4 % 72.8 % The weighted average of statutory tax rates was 23.3 % in 2023, 23.1 % in 2022 and 22.3 % in 2021. 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 deducting a calculated 22 % corporate tax. 3) temporary rules enacted under the Covid-19 pandemic. For investments with PUD submitted to December 2022 the rules allow a direct deduction of the whole uplift in the year the capital expenditure is rate was 17.69 % and this rate was reduced to 12.4 % in 2023. 4) differences and projections of taxable income and recognises the amount of deferred tax assets that is probable to be realised. In 2023 USD 137 to a recognition of USD 4,401 |
Deferred tax assets and liabilities | 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 8,575 514 7,816 1,298 747 446 1,495 20,892 Deferred tax liabilities (28) (26,042) 0 (2) (6) 0 (300) (26,378) Net asset/(liability) at 31 December 2023 8,547 (25,528) 7,816 1,296 741 446 1,195 (5,485) 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) |
Changes in net deferred tax liability during the year | Changes in net deferred tax liability during (in USD million) 2023 2022 2021 Net deferred tax liability at 1 January 3,179 7,655 6,250 Charged/(credited) to the Consolidated statement of 1,831 (2,375) 1,708 Charged/(credited) to Other comprehensive income (66) 105 35 Acquisitions and disposals 981 (968) 36 Foreign currency translation effects and other effects (440) (1,239) (374) Net deferred tax liability at 31 December 5,485 3,179 7,655 |
Disclosure of Net deferred tax assets and liabilities | At 31 December (in USD million) 2023 2022 Deferred tax assets 7,936 8,732 Deferred tax liabilities 13,345 11,996 Net deferred tax classified as held for sale (76) 85 |
Disclosure of unrecognised deferred tax assets | Unrecognised deferred tax assets At 31 December 2023 2022 (in USD million) Basis Tax Basis Tax Deductible temporary differences 2,555 1,030 2,558 968 Unused tax credits 0 185 0 129 Tax losses carried forward 3,944 947 3,458 930 Total unrecognised deferred tax assets 6,499 2,162 6,016 2,027 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment | (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 2023 1,343 171,948 8,285 562 10,815 6,633 199,586 Additions through business acquisition 7) 48 1,121 339 38 370 8 1,923 Additions and transfers 6) 113 7,286 60 19 3,196 1,087 11,761 Changes in asset retirement obligations 0 772 0 0 55 0 827 Disposals at cost (64) (3,567) (446) (29) (30) (634) (4,771) Assets reclassified to held for sale 8) (1) (3,944) 0 0 (245) (8) (4,198) Foreign currency translation effects 0 (2,705) (133) 1 (64) (36) (2,937) Cost at 31 December 2023 1,438 170,911 8,105 591 14,097 7,050 202,191 Accumulated depreciation and impairment at 1 January 2023 (1,203) (131,455) (6,763) (338) (135) (3,194) (143,088) Depreciation (44) (7,976) (224) (26) 0 (1,079) (9,350) Impairment (2) (844) (323) 0 (18) (1) (1,188) Reversal of impairment 0 288 0 0 3 0 290 Transfers 6) 1 (11) 0 (1) 10 0 (2) Accumulated depreciation and impairment on disposed assets 52 3,355 442 28 22 634 4,533 Accumulated depreciation and impairment assets classified as held for sale 8) 1 3,176 0 0 0 6 3,183 Foreign currency translation effects 7 2,142 88 0 3 10 2,251 Accumulated depreciation and impairment at 31 December 2023 5) (1,188) (131,325) (6,780) (337) (117) (3,623) (143,369) Carrying amount at 31 December 2023 250 39,585 1,325 254 13,980 3,427 58,822 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 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 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 (8) (187) (39) 0 (49) (4) (286) Reversal of impairment 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 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) Depreciation according to unit of production method. 2) . Buildings include leasehold improvements. 3) 4) 1,038 1,578 and Drilling rigs USD 504 5) 6) in 2023 and 2022 amounted to USD 1,280 982 7) 8) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets [Abstract] | |
Continuity schedule of intangible assets | (in USD million) Exploration expenses Acquisition costs - oil and gas prospects Goodwill Other Total Cost at 1 January 2023 1,599 2,035 1,380 528 5,542 Additions through business acquisition 0 5 348 446 799 Additions 410 360 9 210 989 Disposals at cost 0 0 (10) (124) (135) Transfers (961) (319) 4 (4) (1,280) Expensed exploration expenditures previously capitalised 114 (61) 0 0 53 Foreign currency translation effects 7 16 2 16 41 Cost at 31 December 2023 1,169 2,036 1,733 1,072 6,010 Accumulated amortisation and impairment at 31 December 1) (302) (302) Carrying amount at 31 December 2023 1,169 2,036 1,733 2) 770 5,709 (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 amortisation and impairment at 31 December 1) (384) (384) Carrying amount at 31 December 2022 1,599 2,035 1,380 144 5,158 |
Aging of capitalised exploration expenditures | The table below shows the aging of capitalised exploration expenditures. (in USD million) 2023 2022 Less than one year 345 250 Between one and five years 458 340 More than five years 366 1,009 Total capitalised exploration expenditures 1,169 1,599 |
Components of the exploration expenses | The table below shows the components of the exploration Full year (in USD million) 2023 2022 2021 Exploration expenditures 1,275 1,087 1,027 Expensed exploration expenditures previously capitalised (53) 342 171 Capitalised exploration (427) (224) (194) Exploration expenses 795 1,205 1,004 |
Impairments (Tables)
Impairments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Impairments [Abstract] | |
Net impairments/(reversal of impairments | Full year (in USD million) 2023 2022 2021 Property, plant and equipment 897 (3,313) 1,285 Intangible assets 61 62 154 Equity accounted investments 363 832 0 Total 1,321 (2,419) 1,439 The intangible assets line includes Goodwill, amortizable intangible assets, and certain acquisition gas prospects. |
Carrying amount after impairment | At 31 December 2023 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) Carrying amount after impairment Net impairment loss/ (reversal) Exploration & Production Norway 887 588 3,201 (819) 5,379 (1,102) Exploration & Production USA - onshore 0 0 546 (204) 1,979 48 Exploration & Production USA - offshore Gulf of Mexico 1,165 (290) 2,691 (882) 798 18 Europe and Asia 0 310 1,551 295 1,566 1,609 Marketing, Midstream & Processing 949 343 1,416 (895) 868 716 Renewables USA - offshore 134 300 0 0 0 0 Other 112 10 30 0 20 (7) Total 3,247 1,261 9,435 (2,505) 10,611 1,282 |
Joint arrangements and associ_2
Joint arrangements and associates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Joint arrangements and associates [Abstract] | |
Equity accounted investments | Joint ventures and other equity accounted investments (in USD million) 2023 2022 Net investments at 1 January 2,758 2,686 Net income/(loss) from equity accounted investments (1) 620 Impairment 1) (363) (832) Acquisitions and increase in capital 926 337 Dividend and other distributions (286) (210) Other comprehensive income/(loss) (10) 384 Divestments, derecognition and decrease in paid in 2) (517) (22) Other 0 (205) Net investments at 31 December 2,507 2,758 Mainly related to Renewable offshore wind industry in US, see also note 14 Impairments. 2) st 2023). |
Financial investments and fin_2
Financial investments and financial receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial investments and financial receivables [Abstract] | |
Disclosure of noncurrent financial assets explanatory | Non-current financial investments At 31 December (in USD million) 2023 2022 Bonds 1,863 1,448 Listed equity securities 1,035 794 Non-listed equity securities 543 491 Financial investments 3,441 2,733 |
Disclsoure of prepayments and financial receivables explanatory | Non-current prepayments and financial receivables At 31 December (in USD million) 2023 2022 Interest-bearing financial receivables 341 1,658 Other interest-bearing receivables 40 66 Prepayments and other non-interest-bearing receivables 910 339 Prepayments and financial receivables 1,291 2,063 |
Disclosure of other current assets | Current financial investments At 31 December (in USD million) 2023 2022 Time deposits 17,846 12,373 Interest-bearing securities 11,378 17,504 Financial investments 29,224 29,876 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Disclosure of detailed information about inventories explanatory | At 31 December (in USD million) 2023 2022 Crude oil 2,051 2,115 Petroleum products 380 451 Natural gas 54 127 Commodity inventories at the lower of cost and net 2,485 2,693 Natural gas held for trading purposes measured 810 1,994 Other 520 517 Total inventories 3,814 5,205 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [Abstract] | |
Trade and other receivables | At 31 December (in USD million) 2023 2022 Trade receivables from contracts with customers 1) 10,706 15,213 Other current receivables 1,774 992 Collateral receivables 2) 2,186 3,468 Receivables from participation in joint operations and 471 661 Receivables from equity accounted associated companies 1,056 1,276 Total financial trade and other receivables 16,193 21,611 Non-financial trade and other receivables 740 841 Trade and other receivables 16,933 22,452 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, 2023 | |
Cash and cash equivalents [Abstract] | |
Cash and cash equivalents | At 31 December (in USD million) 2023 2022 Cash at bank available 2,295 2,220 Time deposits 1,337 836 Money market funds 1,875 3,106 Interest-bearing securities 2,563 3,276 Restricted cash and cash equivalents, including collateral 1,572 6,140 Cash and cash equivalents 9,641 15,579 |
Shareholders' equity, capital_2
Shareholders' equity, capital distribution and earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' equity, capital distribution and earnings per share [Abstract] | |
Shareholder's Equity | Number of shares NOK per value NOK USD Share capital at 1 January 2023 3,175,470,159 2.50 7,938,675,397.50 1,142,036,265 Capital reduction (172,365,554) 2.50 (430,913,885.00) (41,519,325) Share capital at 31 December 2023 3,003,104,605 2.50 7,507,761,512.50 1,100,516,940 Number of shares NOK per value Common Stock Authorised and issued 3,003,104,605 2.50 7,507,761,512.50 Treasury shares Share buy-back programme (49,486,793) 2.50 (123,716,982.50) Employees share saving plan (8,884,668) 2.50 (22,211,670.00) Total outstanding shares 2,944,733,144 2.50 7,361,832,860.00 |
Dividends | At 31 December (in USD million) 2023 2022 Dividends declared 10,783 7,549 USD per share or ADS 3.6000 2.4000 Dividends paid 10,906 5,380 USD per share or ADS 3.6000 1.6800 NOK per share 37.8522 16.4837 |
Share buy-back programme | Number of shares 2023 2022 Share buy-back programme at 1 January 42,619,172 13,460,292 Purchase 63,748,254 56,290,671 Cancellation (56,880,633) (27,131,791) Share buy-back programme at 31 December 49,486,793 42,619,172 Equity impact of share buy-back programmes (in USD million) 2023 2022 First tranche 330 330 Second tranche 550 440 Third tranche 550 605 Fourth tranche 550 605 Total open market share 1,980 1,980 Norwegian state share 1) 3,705 1,399 Total 5,685 3,380 1) Relates to second to fourth tranche of previous year programme and first tranche of current year |
Employees share saving plan | Employees share saving plan Number of shares 2023 2022 Share saving plan at 1 January 10,908,717 12,111,104 Purchase 2,204,207 2,127,172 Allocated to employees (4,228,256) (3,329,559) Share saving plan at 31 December 8,884,668 10,908,717 |
Earnings per share | Earnings per share (in USD million) 2023 2022 Basic earnings per share Net income (loss) attributable to shareholders of the company 11,885 28,746 Weighted average number of ordinary shares outstanding 3,021 3,174 Basic earnings per share (in USD) 3.93 9.06 Diluted earnings per share Net income (loss) attributable to shareholders of the company 11,885 28,746 Weighted average number of ordinary shares outstanding, diluted 3,027 3,183 Diluted earnings per share (in USD) 3.93 9.03 |
Finance debt (Tables)
Finance debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance debt [Abstract] | |
Disclosure of detailed information about borrowings | 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) 2023 2022 2023 2022 2023 2022 Unsecured bonds United States Dollar (USD) 3.82 3.82 15,705 17,190 15,037 16,167 Euro (EUR) 1.51 1.42 6,633 7,465 6,177 6,782 Great Britain Pound (GBP) 6.08 6.08 1,747 1,652 2,013 1,836 Norwegian Kroner (NOK) 4.18 4.18 295 304 302 311 Total unsecured bonds 24,380 26,612 23,529 25,097 Unsecured loans Brazilian real (BRL) 10.10 - 179 - 179 - Japanese Yen (JPY) 4.30 4.30 71 76 83 90 Total unsecured loans 250 76 262 90 Total 24,630 26,688 23,791 25,187 Non-current finance debt due within one year 2,400 2,547 2,415 2,597 Non-current finance debt 22,230 24,141 21,376 22,590 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 | Non-current finance debt maturity profile At 31 December (in USD million) 2023 2022 Year 2 and 3 4,683 4,794 Year 4 and 5 4,511 4,510 After 5 years 13,035 14,837 Total repayment of non-current finance debt 22,230 24,141 Weighted average maturity (years - including current portion) 9 9 Weighted average annual interest rate (% - including current portion) 3.41 3.29 |
Disclosure of current finance debt | Current finance debt At 31 December (in USD million) 2023 2022 Collateral liabilities 458 1,571 Non-current finance debt due within one year 2,400 2,547 Other including US Commercial paper programme 3,138 241 Total current finance debt 5,996 4,359 Weighted average interest rate (%) 3.77 2.22 |
Reconciliation of liabilities arising from financing activities | 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 2) Non- controlling interest Dividend payable Lease liabilities 3) Total At 1 January 2023 24,140 4,359 (3,468) 3,041 1 2,808 3,667 Repayment of finance debt (2,818) (2,818) Repayment of lease liabilities (1,422) (1,422) Dividend paid (10,906) (10,906) Share buy-back (5,589) (5,589) Net current finance debt and other finance activities 1,385 1,287 (69) (10) 2,593 Net cash flow from financing activities (2,818) 1,385 1,287 (5,658) (10) (10,906) (1,422) (18,142) Transfer to current portion 147 (147) Effect of exchange rate changes 321 44 (5) - (25) Dividend declared 10,783 Debt in RIO Energy 437 New leases 1,379 Other changes 2 354 (1) 2,617 19 (36) (29) Net other changes 907 251 (6) 2,617 19 10,747 1,325 At 31 December 2023 22,230 5,995 (2,185) - 10 2,649 3,570 (in USD million) Non-current finance debt Current finance debt Financial receivable Collaterals 1) Additional paid in capital 2) Non- controlling interest Dividend payable Lease liabilities 3) Total At 1 January 2022 27,404 5,273 (1,577) 6,408 14 582 3,562 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) 21 (2) 57 (24) Net other changes (3,014) 2,068 145 21 (5) 7,606 1,471 At 31 December 2022 24,140 4,359 (3,468) 3,041 1 2,808 3,667 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) 3) |
Pensions (Tables)
Pensions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Pensions [Abstract] | |
Changes in pension liabilities and plan assets during the year | Changes in pension liabilities and plan assets (in USD million) 2023 2022 Pension liabilities at 1 January 7,664 9,358 Current service cost 145 183 Interest cost 318 105 Actuarial (gains)/losses and currency effects 338 (1,785) Changes in notional contribution liability and other 56 67 Benefits paid (284) (258) Losses/(gains) from curtailment, settlement or plan 91 (5) Pension liabilities at 31 December 8,328 7,664 Fair value of plan assets at 1 January 5,213 6,404 Interest income 190 116 Return on plan assets (excluding interest income) 202 (622) Company contributions 211 104 Benefits paid (141) (121) Losses (gains) from curtailment, settlement or plan 113 (5) Other effects - 6 Foreign currency translation effects (124) (669) Fair value of plan assets at 31 December 5,664 5,213 Net pension liability at 31 December 2,665 2,452 Represented by: Asset recognised as non-current pension assets 1,260 1,219 Liability recognised as non-current pension liabilities 3,925 3,671 Pension liabilities specified by funded and unfunded 8,328 7,664 Funded 4,404 3,994 Unfunded 3,925 3,670 |
Actuarial assumptions | Actuarial assumptions Assumptions used to determine benefit obligations in % Rounded to the nearest quartile 2023 2022 Discount rate 3.75 3.75 Rate of compensation increase 4.00 3.50 Expected rate of pension increase 3.25 2.75 Expected increase of social security base amount (G-amount) 3.75 3.25 Weighted-average duration of the defined benefit obligation 13.25 13.50 |
Sensitivity analysis | Discount rate Expected rate of pension increase (in USD million) 0.50% -0.50% 0.50% -0.50% Effect on: Defined benefit obligation at 31 December 2023 (521) 587 494 (451) |
Portfolio weighting | Target portfolio weight (in %) 2023 2022 Equity securities 33.6 32.9 30 - 38 Interest bearing investments 61.7 60.5 52 - 65 Real estate 4.7 6.6 5 - 10 Total 100.0 100.0 |
Provisions and other liabilit_2
Provisions and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions and other liabilities [Abstract] | |
Disclosure of other provisions | (in USD million) Asset retirement obligations Other provisions and liabilities Total Non-current portion at 31 December 2022 11,569 4,064 15,633 Current portion at 31 December 2022 reported provisions 165 494 659 Provisions and other liabilities at 31 December 2022 11,734 4,558 16,292 New or increased provisions and other liabilities 488 443 931 Change in estimates 845 25 870 Amounts charged against provisions and other liabilities (126) (301) (427) Effects of change in the discount rate (276) 13 (263) Reduction due to divestments (403) 97 (306) Accretion expenses 462 76 538 Reclassification, transfer and other (174) (1,387) (1,561) Foreign currency translation effects (190) 62 (128) Provisions and other liabilities at 31 December 2023 12,360 3,586 15,946 Non-current portion at 31 December 2023 12,171 3,133 15,304 Current portion at 31 December 2023 reported provisions 190 452 642 |
Other provisions maturity | Expected timing of cash outflows (in USD million) Asset retirement obligations Other provisions and liabilities Total 2024 - 2028 1,512 2,580 4,092 2029 - 2033 997 342 1,339 2034 - 2038 2,605 134 2,739 2039 - 2043 4,610 (42) 4,568 Thereafter 2,636 572 3,208 At 31 December 2023 12,360 3,586 15,946 |
Trade, other payables and pro_2
Trade, other payables and provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade, other payables and provisions [Abstract] | |
Detailed information about trade and other payables | At 31 December (in USD million) 2023 2022 Trade payables 5,317 6,207 Non-trade payables and accrued expenses 2,210 2,688 Payables due to participation in joint operations and 2,283 2,074 Payables to equity accounted associated companies 1,242 1,479 Total financial trade and other payables 11,052 12,449 Current portion of provisions and other non-financial 819 903 Trade, other payables and provisions 11,870 13,352 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 Lease liabilities at 1 January 3,667 3,562 New leases, including remeasurements and cancellations 1,379 1,644 Gross lease payments (1,590) (1,484) Lease interest 138 95 Lease repayments (1,451) (1,451) (1,389) (1,389) Foreign currency translation effects (25) (149) Lease liabilities at 31 December 3,570 3,667 Current lease liabilities 1,279 1,258 Non-current lease liabilities 2,291 2,409 |
Non-current lease liabilities maturity profile | Non-current lease liabilities maturity profile At 31 December (in USD million) 2023 2022 Year 2 and 3 1,342 1,360 Year 4 and 5 470 483 After 5 years 478 566 Total repayment of non-current lease liabilities 2,291 2,409 |
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) 2023 2022 Lease liabilities at 1 January 3,667 3,562 New leases, including remeasurements and cancellations 1,379 1,644 Gross lease payments (1,590) (1,484) Lease interest 138 95 Lease repayments (1,451) (1,451) (1,389) (1,389) Foreign currency translation effects (25) (149) Lease liabilities at 31 December 3,570 3,667 Current lease liabilities 1,279 1,258 Non-current lease liabilities 2,291 2,409 |
Other commitments, contingent_2
Other commitments, contingent liabilities and contingent assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Oher commitments, contingent liabilities and contingent assets [Abstract] | |
Disclosure of commitments | (in USD million) 2024 2,659 2025 1,972 2026 1,615 2027 1,187 2028 1,010 Thereafter 6,775 Total other long-term commitments 15,218 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related parties [Abstract] | |
Outstanding balances to related parties split on SDFI and other related parties | At 31 December 2023 Norwegian State's Direct Financial Interests Equity accounted associated companies and other related parties Third parties Total amount (in USD million) Assets Prepayments and financial receivables - 103 1,188 1,291 Trade and other receivables 1,007 49 15,877 16,933 Liabilities Non-current provisions and other liabilities 850 - 14,454 15,304 Trade, other payables and provisions 1,195 47 10,628 11,870 Current finance debt 893 - 5,103 5,996 At 31 December 2022 Norwegian State's Direct Financial Interests Equity accounted associated companies and other related parties Third parties Total amount (in USD million) Assets Prepayments and financial receivables 1,461 61 541 2,063 Trade and other receivables 1,103 173 21,176 22,452 Liabilities Non-current provisions and other liabilities 2,072 - 13,561 15,633 Trade, other payables and provisions 1,419 60 11,873 13,352 Current finance debt - - 4,359 4,359 |
Financial instruments and fai_2
Financial instruments and fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial instruments and fair value measurement [Abstract] | |
Disclosure of financial assets | At 31 December 2023 Fair value through profit or loss Non-financial assets Total carrying amount (in USD million) Note Amortised cost Assets Non-current derivative financial instruments 559 559 Non-current financial investments 16 75 3,366 3,441 Prepayments and financial receivables 16 341 950 1,291 Trade and other receivables 18 16,193 740 16,933 Current derivative financial instruments 1,378 1,378 Current financial investments 16 28,822 402 29,224 Cash and cash equivalents 19 7,767 1,875 9,641 Total 53,198 7,580 1,690 62,467 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 |
Disclosure of financial liabilities | At 31 December 2023 Amortised cost Fair value through profit or loss Non-financial liabilities Total carrying amount (in USD million) Note Liabilities Non-current finance debt 21 22,230 22,230 Non-current derivative financial instruments 1,795 1,795 Trade, other payables and provisions 24 11,052 819 11,870 Current finance debt 21 5,996 5,996 Dividend payable 2,649 2,649 Current derivative financial instruments 1,619 1,619 Total 41,927 3,414 819 46,159 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 |
Disclosure of 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 2023 Level 1 1,294 0 - 6 0 - 1,300 Level 2 1,528 104 402 1,195 1,875 (1,754) (1,577) 1,773 Level 3 543 455 177 (42) (41) 1,092 Total fair value 3,366 559 402 1,378 1,875 (1,795) (1,619) 4,166 At 31 December 2022 Level 1 903 - - 25 - (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 |
Organisation (Details)
Organisation (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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 businesses. 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% |
Climate change and energy tra_3
Climate change and energy transition - Narrative (Details) | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) $ / bbl $ / t kr / t € / t $ / tCO2 | Dec. 31, 2022 USD ($) € / t | Dec. 31, 2021 USD ($) € / t | Dec. 31, 2023 NOK (kr) € / $ | Dec. 31, 2023 USD ($) € / $ | Dec. 31, 2022 NOK (kr) | Dec. 31, 2022 USD ($) | |
Climate changes [line items] | |||||||
EU ETS price | € / t | 86 | 81 | 25 | ||||
Transportation cost per barrel | $ / bbl | 2 | ||||||
Expense related to carbon emissions and purchase | $ 486,000,000 | $ 510,000,000 | $ 428,000,000 | ||||
Property, plant and equipment | $ 58,822,000,000 | $ 56,498,000,000 | |||||
Investments | $ 14,500,000,000 | $ 9,994,000,000 | $ 8,506,000,000 | ||||
Share capital | kr 7,507,761,512.50 | $ 1,100,516,940 | kr 7,938,675,397.50 | 1,142,036,265 | |||
Equinor's assumptions for currency rates | € / $ | 1,176 | 1,176 | |||||
Percent of current portfolio with only sanctioned projects being committed | 50% | 50% | |||||
Bayou Bend [Member] | |||||||
Climate changes [line items] | |||||||
Percentage of share acquired | 25% | 25% | |||||
Commodity price sensitivity [Member] | |||||||
Climate changes [line items] | |||||||
Percentage of reasonably possible change, market risk | 30% | 30% | |||||
Commodity price sensitivity [Member] | NZE by 2050 scenario [Member] | |||||||
Climate changes [line items] | |||||||
Impairment exposure due to net zero emission | $ 10,000,000,000 | ||||||
Commodity price sensitivity [Member] | Announced pledged scenario [Member] | |||||||
Climate changes [line items] | |||||||
Potential impairments associated with scenarios increase amount | $ 500,000,000 | ||||||
High range value [Member] | Commodity price sensitivity [Member] | Announced pledged scenario [Member] | |||||||
Climate changes [line items] | |||||||
Impairment exposure due to net zero emission | $ 3,000,000,000 | ||||||
Investments in CCS [Member] | |||||||
Climate changes [line items] | |||||||
Investments | 179,000,000 | $ 36,000,000 | |||||
Eelectrification of oil and gas assets [Member] | |||||||
Climate changes [line items] | |||||||
Investments | 200,000,000 | 250,000,000 | |||||
REN [Member] | |||||||
Climate changes [line items] | |||||||
Investments | $ 2,007,000,000 | $ 298,000,000 | |||||
MMP and REN [Member] | |||||||
Climate changes [line items] | |||||||
Percent of total book value of non-current segment assets and equity accounted investments | 12% | ||||||
Next two years [Member] | |||||||
Climate changes [line items] | |||||||
Internal carbon price | $ / t | 82 | ||||||
EU ETS price | € / t | 80 | ||||||
2030 [Member] | |||||||
Climate changes [line items] | |||||||
Internal carbon price | $ / t | 115 | ||||||
Expected tax increase on carbon emissions maximum | kr / t | 2,000 | ||||||
Percent of reduction aimed in net carbon intensity | 20% | 20% | |||||
2030 [Member] | Commodity price sensitivity [Member] | NZE by 2050 scenario [Member] | |||||||
Climate changes [line items] | |||||||
EU ETS price | $ / tCO2 | 146 | ||||||
2030 [Member] | Commodity price sensitivity [Member] | Announced pledged scenario [Member] | |||||||
Climate changes [line items] | |||||||
EU ETS price | $ / tCO2 | 141 | ||||||
2035 [Member] | |||||||
Climate changes [line items] | |||||||
Percent of reduction aimed in net carbon intensity | 40% | 40% | |||||
2040 [Member] | |||||||
Climate changes [line items] | |||||||
EU ETS price | € / t | 130 | 109 | |||||
2050 [Member] | |||||||
Climate changes [line items] | |||||||
EU ETS price | € / t | 150 | 135 | |||||
2050 [Member] | Commodity price sensitivity [Member] | NZE by 2050 scenario [Member] | |||||||
Climate changes [line items] | |||||||
EU ETS price | $ / tCO2 | 261 | ||||||
2050 [Member] | Commodity price sensitivity [Member] | Announced pledged scenario [Member] | |||||||
Climate changes [line items] | |||||||
EU ETS price | $ / tCO2 | 208 | ||||||
Period 2024-2030 [Member] | |||||||
Climate changes [line items] | |||||||
Percent of proved oil and gas reserves, expected to be produced | 65% | 65% | |||||
Period 2024-2050 [Member] | |||||||
Climate changes [line items] | |||||||
Percent of proved oil and gas reserves, expected to be produced | 99% | 99% | |||||
Oil and Gas prospects, signature bonuses and the capitalised exploration costs [Member] | |||||||
Climate changes [line items] | |||||||
Total carrying value of intangible assets | $ 3,205,000,000 | 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 | $ 1,200,000,000 | $ 1,000,000,000 |
Climate change and energy tra_4
Climate change and energy transition - Schedule of number of EU ETS quotas utilised and related monetary amounts recognised (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) Quotas | Dec. 31, 2022 USD ($) Quotas | |
Number of EU ETS quotas in thousands | ||
Opening balance | 10,782 | 11,026 |
Allocated free quotas | 356 | 3,697 |
Purchased quotas on market | 7,822 | 5,985 |
Sold quotas on market | 0 | 0 |
Returned excess free quotas | (544) | 0 |
Settled quotas (offset against emissions) | (9,840) | (9,926) |
Closing balance | 8,576 | 10,782 |
Value of quotas [Abstract] | ||
Opening balance | $ | $ 20 | $ 59 |
Purchased quotas on market | $ | 708 | 509 |
Settled quotas (offset against emissions) | $ | (635) | (548) |
Closing balance | $ | $ 93 | $ 20 |
Climate change and energy tra_5
Climate change and energy transition - Schedule of investments included as additions to PP&E, intangibles and equity accounted investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Additions to PP&E, intangibles and equity accounted investments | $ 14,500 | $ 9,994 | $ 8,506 |
REN [Member] | |||
Disclosure of operating segments [line items] | |||
Additions to PP&E, intangibles and equity accounted investments | 2,007 | 298 | |
REN [Member] | Offshore [Member] | |||
Disclosure of operating segments [line items] | |||
Additions to PP&E, intangibles and equity accounted investments | 880 | 146 | |
REN [Member] | Onshore [Member] | |||
Disclosure of operating segments [line items] | |||
Additions to PP&E, intangibles and equity accounted investments | 1,127 | 152 | |
LCS [Member] | |||
Disclosure of operating segments [line items] | |||
Additions to PP&E, intangibles and equity accounted investments | 179 | 36 | |
REN and LCS [Member] | |||
Disclosure of operating segments [line items] | |||
Additions to PP&E, intangibles and equity accounted investments | $ 2,186 | $ 334 |
Climate change and energy tra_6
Climate change and energy transition - Price sensitivity (Details) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) $ / bbl $ / MMBTU € / t $ / tCO2 | Dec. 31, 2022 € / t | Dec. 31, 2021 € / t | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
EU ETS price | € / t | 86 | 81 | 25 |
2050 [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
EU ETS price | € / t | 150 | 135 | |
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) | $ | $ 10 | ||
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) | $ | $ 3 | ||
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 | 78 | ||
TTF | $ / MMBTU | 9.1 | ||
EU ETS price | $ / tCO2 | 123 | ||
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 | 46 | ||
TTF | $ / MMBTU | 4.5 | ||
EU ETS price | $ / tCO2 | 146 | ||
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 | 79 | ||
TTF | $ / MMBTU | 6.8 | ||
EU ETS price | $ / tCO2 | 141 | ||
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 | 73 | ||
TTF | $ / MMBTU | 9.5 | ||
EU ETS price | $ / tCO2 | 150 | ||
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 | 37 | ||
TTF | $ / MMBTU | 4.4 | ||
EU ETS price | $ / tCO2 | 214 | ||
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 | 72 | ||
TTF | $ / MMBTU | 6.2 | ||
EU ETS price | $ / tCO2 | 182 | ||
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 | 68 | ||
TTF | $ / MMBTU | 9.5 | ||
EU ETS price | $ / tCO2 | 176 | ||
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 | 4.3 | ||
EU ETS price | $ / tCO2 | 261 | ||
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 | 65 | ||
TTF | $ / MMBTU | 5.6 | ||
EU ETS price | $ / tCO2 | 208 |
Financial risk and capital ma_3
Financial risk and capital management - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) Core_Banks | Dec. 31, 2022 USD ($) | |
Disclosure of offsetting of financial assets [line items] | ||
Borrowings | $ 24,630 | $ 26,688 |
Liabilities not offsetting under netting arrangements | 12,060 | 15,326 |
Financial instruments offset under netting arrangements | 18,129 | 26,341 |
Lease Liabilities | 3,570 | 3,668 |
Statoil's Captive Insurance Company [Member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Cash held as collateral | 2,030 | $ 6,538 |
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 2026 | |
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 | 11% | 12% |
Interest rate sensitivity [Member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Percentage of reasonably possible change, market risk | 1.30% | 1.20% |
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 | $ 14,006 | $ 18,143 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | $ 351 | $ (1,745) | $ (708) |
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 | $ (1,041) | $ 739 | $ 951 |
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 | 442 | 666 | |
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 | (442) | (666) | |
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 | 86 | (3) | |
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 | $ (52) | $ 140 | |
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] | |||
Net gains (losses) | $ (552) | $ (450) | |
Equity price risk [Member] | Maximum (%) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Net gains (losses) | $ 552 | $ 450 | |
Currency risk sensitivity [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | 11% | 12% | |
Currency risk sensitivity [Member] | Impact From An 11% Strengthening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Norwegian Kroner (NOK) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | $ 1,519 | ||
Currency risk sensitivity [Member] | Impact From An 11% Strengthening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Euro (EUR) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | 406 | ||
Currency risk sensitivity [Member] | Impact From An 11% Strengthening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Great Britain Pound (GBP) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | 903 | ||
Currency risk sensitivity [Member] | Impact From An 11% Strengthening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Norwegian Kroner (NOK) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (413) | ||
Currency risk sensitivity [Member] | Impact From An 11% Strengthening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Euro (EUR) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (418) | ||
Currency risk sensitivity [Member] | Impact From An 11% Strengthening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Great Britain Pound (GBP) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (92) | ||
Currency risk sensitivity [Member] | Impact From An 11% Weakening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Norwegian Kroner (NOK) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (1,519) | ||
Currency risk sensitivity [Member] | Impact From An 11% Weakening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Euro (EUR) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (406) | ||
Currency risk sensitivity [Member] | Impact From An 11% Weakening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Great Britain Pound (GBP) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (903) | ||
Currency risk sensitivity [Member] | Impact From An 11% Weakening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Norwegian Kroner (NOK) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | 413 | ||
Currency risk sensitivity [Member] | Impact From An 11% Weakening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Euro (EUR) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | 418 | ||
Currency risk sensitivity [Member] | Impact From An 11% Weakening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Great Britain Pound (GBP) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | $ 92 | ||
Currency risk sensitivity [Member] | Impact From An 12% Strengthening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Norwegian Kroner (NOK) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | $ 3,552 | ||
Currency risk sensitivity [Member] | Impact From An 12% Strengthening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Euro (EUR) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | 837 | ||
Currency risk sensitivity [Member] | Impact From An 12% Strengthening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Great Britain Pound (GBP) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | 750 | ||
Currency risk sensitivity [Member] | Impact From An 12% Strengthening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Norwegian Kroner (NOK) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (889) | ||
Currency risk sensitivity [Member] | Impact From An 12% Strengthening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Euro (EUR) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (259) | ||
Currency risk sensitivity [Member] | Impact From An 12% Strengthening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Great Britain Pound (GBP) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (389) | ||
Currency risk sensitivity [Member] | Impact From An 12% Weakening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Norwegian Kroner (NOK) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (3,552) | ||
Currency risk sensitivity [Member] | Impact From An 12% Weakening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Euro (EUR) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (837) | ||
Currency risk sensitivity [Member] | Impact From An 12% Weakening Of Given Currency VS USD On Shareholders Equity Through OCI [Member] | Great Britain Pound (GBP) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | (750) | ||
Currency risk sensitivity [Member] | Impact From An 12% Weakening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Norwegian Kroner (NOK) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | 889 | ||
Currency risk sensitivity [Member] | Impact From An 12% Weakening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Euro (EUR) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | 259 | ||
Currency risk sensitivity [Member] | Impact From An 12% Weakening Of Given Currency VS USD On Shareholders Equity Through P&L [Member] | Great Britain Pound (GBP) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Gains (losses) derivative financial instruments | $ 389 | ||
Interest rate sensitivity [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of reasonably possible change, market risk | 1.30% | 1.20% | |
Interest rate sensitivity [Member] | Minimum (%) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Net gains (losses) | $ 336 | $ 369 | |
Interest rate sensitivity [Member] | Maximum (%) [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Net gains (losses) | $ (333) | $ (366) |
Financial risk and capital ma_5
Financial risk and capital management - Undiscounted contractual cash flows (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | $ 49,442 | $ 52,202 |
Lease liabilities | 3,776 | 3,835 |
Derivative financial liabilities | 3,253 | 4,211 |
Year 1 [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | 20,209 | 20,172 |
Lease liabilities | 1,369 | 1,325 |
Derivative financial liabilities | 857 | 1,065 |
Year 2 and 3 [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | 6,035 | 6,292 |
Lease liabilities | 1,434 | 1,421 |
Derivative financial liabilities | 636 | 752 |
Year 4 and 5 [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | 5,601 | 5,785 |
Lease liabilities | 496 | 504 |
Derivative financial liabilities | 404 | 486 |
Year 6 to 10 [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | 6,846 | 8,749 |
Lease liabilities | 405 | 465 |
Derivative financial liabilities | 1,016 | 1,202 |
After 10 years [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Non-derivative financial liabilities | 10,751 | 11,204 |
Lease liabilities | 72 | 120 |
Derivative financial liabilities | $ 340 | $ 706 |
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, 2023 | Dec. 31, 2022 | |
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 where Equinor has material credit exposure 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 | $ 341 | $ 1,659 |
Trade and other receivables [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 16,193 | 21,611 |
Non-current derivative financial instruments [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 559 | 690 |
Current derivative financial instrument [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 1,378 | 4,039 |
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 | 193 | 1,633 |
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 | 5,857 | 6,125 |
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 | 305 | 390 |
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 | 565 | 1,715 |
Other investment grade [Member] | Non-current financial receivable [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 8 | 12 |
Other investment grade [Member] | Trade and other receivables [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 5,132 | 8,725 |
Other investment grade [Member] | Non-current derivative financial instruments [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 7 | 41 |
Other investment grade [Member] | Current derivative financial instrument [Member] | ||
Disclosure of internal credit grades [line items] | ||
Financial assets subject to credit exposure | 565 | 1,393 |
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 | 140 | 14 |
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 | 5,204 | 6,761 |
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 | 247 | 259 |
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 | $ 248 | $ 931 |
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, 2023 | Dec. 31, 2022 |
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of recognised financial assets | $ 38,619 | $ 71,065 |
Gross amounts offset in the balance sheet | 20,488 | 44,725 |
Net amounts presented in the balance sheet | 18,129 | 26,341 |
Amounts of remaining rights to set-off not qualifying for offsetting | 2,863 | 5,176 |
Net amount | 15,266 | 21,164 |
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of recognised financial liabilities | 35,412 | 65,226 |
Gross amounts offset in the balance sheet | 20,488 | 44,725 |
Net amounts presented in the balance sheet | 14,923 | 20,502 |
Amounts of remaining rights to set-off not qualifying for offsetting | 2,863 | 5,176 |
Net amount | 12,060 | 15,326 |
Trade payables [Member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of recognised financial liabilities | 14,184 | 19,913 |
Gross amounts offset in the balance sheet | 3,133 | 7,464 |
Net amounts presented in the balance sheet | 11,051 | 12,449 |
Amounts of remaining rights to set-off not qualifying for offsetting | 0 | 0 |
Net amount | 11,051 | 12,449 |
Collateral liabilities [Member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of recognised financial liabilities | 7,791 | 13,936 |
Gross amounts offset in the balance sheet | 7,333 | 12,365 |
Net amounts presented in the balance sheet | 458 | 1,571 |
Amounts of remaining rights to set-off not qualifying for offsetting | 458 | 1,571 |
Net amount | 0 | 0 |
Derivative financial instruments [Member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of recognised financial liabilities | 13,437 | 31,377 |
Gross amounts offset in the balance sheet | 10,023 | 24,895 |
Net amounts presented in the balance sheet | 3,414 | 6,482 |
Amounts of remaining rights to set-off not qualifying for offsetting | 2,405 | 3,605 |
Net amount | 1,009 | 2,877 |
Trade receivables [Member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of recognised financial assets | 17,139 | 25,607 |
Gross amounts offset in the balance sheet | 3,133 | 7,464 |
Net amounts presented in the balance sheet | 14,006 | 18,143 |
Amounts of remaining rights to set-off not qualifying for offsetting | 0 | 0 |
Net amount | 14,006 | 18,143 |
Collateral receivables [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of recognised financial assets | 8,713 | 16,923 |
Gross amounts offset in the balance sheet | 6,526 | 13,455 |
Net amounts presented in the balance sheet | 2,186 | 3,468 |
Amounts of remaining rights to set-off not qualifying for offsetting | 2,186 | 3,468 |
Net amount | 0 | 0 |
Derivative financial instruments [Member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of recognised financial assets | 12,767 | 28,535 |
Gross amounts offset in the balance sheet | 10,829 | 23,806 |
Net amounts presented in the balance sheet | 1,937 | 4,730 |
Amounts of remaining rights to set-off not qualifying for offsetting | 677 | 1,708 |
Net amount | $ 1,260 | $ 3,022 |
Financial risk and capital ma_8
Financial risk and capital management - Captial Management (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Capital management | ||
Net interest-bearing debt adjusted, including lease liabilities (ND1) | $ (5,040) | $ (6,750) |
Net interest-bearing debt adjusted (ND2) | (8,610) | (10,417) |
Capital employed adjusted, including lease liabilities (CE1) | 43,460 | 47,239 |
Capital employed adjusted (CE2) | $ 39,890 | $ 43,571 |
Net debt to capital employed adjusted, including lease liabilities (ND1/CE1) | (11.60%) | (14.30%) |
Net debt to capital employed adjusted (ND)/(CE) | (21.60%) | (23.90%) |
Segments - Segment Data (Detail
Segments - Segment Data (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Revenues third party | $ 106,848 | $ 149,004 | $ 88,744 |
Net income/(loss) from equity accounted investments | (1) | 620 | 259 |
Total revenues and other income | 107,174 | 150,806 | 90,924 |
Purchases (net of inventory variation) | (48,175) | (53,806) | (35,160) |
Operating, selling, general and administrative expenses | (11,800) | (10,593) | (9,378) |
Depreciation and amortisation | (9,373) | (8,878) | (10,432) |
Net impairment (losses)/reversals | 1,260 | 2,487 | (1,287) |
Exploration expenses | (795) | (1,205) | (1,004) |
Total Operating expenses | (71,404) | (71,995) | (57,261) |
Net operating income/(loss) | 35,770 | 78,811 | 33,663 |
Additions to PP&E, intangibles and equity accounted investments | 14,500 | 9,994 | 8,506 |
Balance sheet information [abstract] | |||
Equity accounted investments | 2,508 | 2,758 | 2,686 |
Noncurrent Assets | 81,525 | 79,851 | 84,618 |
Assets classified as held for sale | 1,064 | 1,018 | 676 |
REN [Member] | |||
Disclosure of operating segments [line items] | |||
Additions to PP&E, intangibles and equity accounted investments | 2,007 | 298 | |
Unallocated amounts [Member] | |||
Balance sheet information [abstract] | |||
Noncurrent Assets | 14,487 | 15,437 | 13,406 |
Segments [Member] | |||
Disclosure of operating segments [line items] | |||
Net income/(loss) from equity accounted investments | (1) | 620 | 259 |
Other income | 327 | 1,182 | 1,921 |
Balance sheet information [abstract] | |||
Noncurrent Assets | 64,530 | 61,656 | 68,527 |
Segments [Member] | E&P- Norway [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party | 230 | 304 | 261 |
Net income/(loss) from equity accounted investments | 0 | 0 | 0 |
Other income | 111 | 994 | 154 |
Total revenues and other income | 38,340 | 75,930 | 39,386 |
Purchases (net of inventory variation) | 0 | 0 | 0 |
Operating, selling, general and administrative expenses | (3,759) | (3,782) | (3,653) |
Depreciation and amortisation | (4,429) | (4,986) | (6,002) |
Net impairment (losses)/reversals | 588 | 819 | 1,102 |
Exploration expenses | (476) | (366) | (363) |
Total Operating expenses | (9,253) | (8,315) | (8,915) |
Net operating income/(loss) | 29,087 | 67,614 | 30,471 |
Additions to PP&E, intangibles and equity accounted investments | 5,939 | 4,922 | 4,943 |
Balance sheet information [abstract] | |||
Equity accounted investments | 3 | 3 | 3 |
Noncurrent Assets | 28,915 | 28,510 | 36,502 |
Assets classified as held for sale | 0 | 0 | 0 |
Segments [Member] | E&P International [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party | 993 | 1,099 | 1,115 |
Net income/(loss) from equity accounted investments | 28 | 172 | 214 |
Other income | 1 | 35 | 5 |
Total revenues and other income | 7,032 | 7,431 | 5,565 |
Purchases (net of inventory variation) | (70) | (116) | (58) |
Operating, selling, general and administrative expenses | (2,176) | (1,698) | (1,405) |
Depreciation and amortisation | (2,123) | (1,445) | (1,734) |
Net impairment (losses)/reversals | 310 | (286) | (1,587) |
Exploration expenses | (20) | (638) | (451) |
Total Operating expenses | (4,700) | (4,183) | (5,237) |
Net operating income/(loss) | 2,332 | 3,248 | 329 |
Additions to PP&E, intangibles and equity accounted investments | 4,376 | 2,623 | 1,834 |
Balance sheet information [abstract] | |||
Equity accounted investments | 0 | 550 | 1,417 |
Noncurrent Assets | 17,977 | 15,868 | 15,422 |
Assets classified as held for sale | 1,064 | 1,018 | 676 |
Segments [Member] | E&P USA [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party | 277 | 305 | 377 |
Net income/(loss) from equity accounted investments | 0 | 0 | 0 |
Other income | 32 | 0 | 0 |
Total revenues and other income | 4,319 | 5,523 | 4,149 |
Purchases (net of inventory variation) | 0 | 0 | 0 |
Operating, selling, general and administrative expenses | (1,178) | (938) | (1,074) |
Depreciation and amortisation | (1,779) | (1,422) | (1,665) |
Net impairment (losses)/reversals | (290) | 1,060 | (69) |
Exploration expenses | (299) | (201) | (190) |
Total Operating expenses | (2,966) | (1,501) | (2,998) |
Net operating income/(loss) | 1,353 | 4,022 | 1,150 |
Additions to PP&E, intangibles and equity accounted investments | 1,206 | 764 | 690 |
Balance sheet information [abstract] | |||
Equity accounted investments | 0 | 0 | 0 |
Noncurrent Assets | 11,049 | 11,311 | 11,406 |
Assets classified as held for sale | 0 | 0 | 0 |
Segments [Member] | MMP [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party | 105,242 | 147,164 | 86,883 |
Net income/(loss) from equity accounted investments | 12 | 406 | 22 |
Other income | 23 | 9 | 168 |
Total revenues and other income | 105,908 | 148,105 | 87,393 |
Purchases (net of inventory variation) | (95,769) | (139,916) | (80,873) |
Operating, selling, general and administrative expenses | (4,916) | (4,591) | (3,753) |
Depreciation and amortisation | (897) | (881) | (869) |
Net impairment (losses)/reversals | 343 | 895 | (735) |
Exploration expenses | 0 | 0 | 0 |
Total Operating expenses | (101,925) | (144,493) | (86,230) |
Net operating income/(loss) | 3,984 | 3,612 | 1,163 |
Additions to PP&E, intangibles and equity accounted investments | 844 | 1,212 | 517 |
Balance sheet information [abstract] | |||
Equity accounted investments | 783 | 688 | 113 |
Noncurrent Assets | 3,997 | 4,619 | 4,006 |
Assets classified as held for sale | 0 | 0 | 0 |
Segments [Member] | REN [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party | 20 | 16 | 8 |
Net income/(loss) from equity accounted investments | (33) | 58 | 16 |
Other income | 18 | 111 | 1,386 |
Total revenues and other income | 17 | 185 | 1,411 |
Purchases (net of inventory variation) | 0 | 0 | 0 |
Operating, selling, general and administrative expenses | (462) | (265) | (163) |
Depreciation and amortisation | (12) | (4) | (3) |
Net impairment (losses)/reversals | 300 | 0 | 0 |
Exploration expenses | 0 | 0 | 0 |
Total Operating expenses | (774) | (269) | (166) |
Net operating income/(loss) | (757) | (84) | 1,245 |
Additions to PP&E, intangibles and equity accounted investments | 2,007 | 298 | 457 |
Balance sheet information [abstract] | |||
Equity accounted investments | 1,665 | 1,452 | 1,108 |
Noncurrent Assets | 1,575 | 316 | 157 |
Assets classified as held for sale | 0 | 0 | 0 |
Segments [Member] | Other [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party | 85 | 115 | 99 |
Net income/(loss) from equity accounted investments | (8) | (16) | 7 |
Other income | 142 | 33 | 208 |
Total revenues and other income | 253 | 187 | 355 |
Purchases (net of inventory variation) | (1) | 0 | (1) |
Operating, selling, general and administrative expenses | (201) | (223) | (432) |
Depreciation and amortisation | (133) | (142) | (158) |
Net impairment (losses)/reversals | 10 | 0 | 2 |
Exploration expenses | 0 | 0 | 0 |
Total Operating expenses | (345) | (365) | (590) |
Net operating income/(loss) | (92) | (178) | (234) |
Additions to PP&E, intangibles and equity accounted investments | 128 | 176 | 64 |
Balance sheet information [abstract] | |||
Equity accounted investments | 57 | 65 | 45 |
Noncurrent Assets | 1,018 | 1,031 | 1,032 |
Assets classified as held for sale | 0 | 0 | 0 |
Eliminations [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues third party | 0 | 0 | 0 |
Net income/(loss) from equity accounted investments | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Total revenues and other income | (48,695) | (86,554) | (47,335) |
Purchases (net of inventory variation) | 47,665 | 86,227 | 45,772 |
Operating, selling, general and administrative expenses | 893 | 904 | 1,102 |
Depreciation and amortisation | 0 | 0 | 0 |
Net impairment (losses)/reversals | 0 | 0 | 0 |
Exploration expenses | 0 | 0 | 0 |
Total Operating expenses | 48,558 | 87,130 | 46,873 |
Net operating income/(loss) | (137) | 577 | (461) |
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 |
Eliminations [Member] | E&P- Norway [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues and other income | (37,999) | (74,631) | (38,972) |
Eliminations [Member] | E&P International [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues and other income | (6,009) | (6,124) | (4,230) |
Eliminations [Member] | E&P USA [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues and other income | (4,009) | (5,217) | (3,771) |
Eliminations [Member] | MMP [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues and other income | (633) | (527) | (321) |
Eliminations [Member] | REN [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues and other income | (12) | 0 | 0 |
Eliminations [Member] | Other [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues and other income | $ (33) | $ (55) | $ (41) |
Segments - Non current assets b
Segments - Non current assets by country (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 67,038 | $ 64,414 |
Norway [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 32,977 | 33,242 |
United States [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 12,587 | 12,343 |
Brazil [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 10,871 | 9,400 |
UK [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 5,535 | 3,688 |
Azerbaijan [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,157 | 1,171 |
Canada [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,103 | 895 |
Angola [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 973 | 497 |
Algeria [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 648 | 615 |
Argentina [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 474 | 622 |
Denmark [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 447 | 270 |
Other Countries [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 265 | $ 1,672 |
Acquisitions and disposals - ac
Acquisitions and disposals - acquisitions (Details) € in Millions, £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jan. 26, 2023 USD ($) | Sep. 01, 2022 GBP (£) | May 31, 2022 USD ($) | Dec. 31, 2023 | Mar. 31, 2023 USD ($) | Jan. 26, 2023 EUR (€) | Jan. 26, 2023 USD ($) | Sep. 01, 2022 USD ($) | |
Disclosure Of Business Combinations [Line Items] | ||||||||||
Total purchase price | $ 362 | |||||||||
Ownership interest in Equinor group's oil and gas activities and net assets | 100% | |||||||||
BeGreen Solar Aps [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Percentage of share acquired | 100% | 100% | ||||||||
Total purchase price | € 235 | $ 252 | ||||||||
BeGreen Solar Aps [Member] | REN [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Increase in intangible assets | $ 423 | |||||||||
Triton Power [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Total purchase price | £ 120 | $ 141 | ||||||||
Triton Power [Member] | Development and Production International & Marketing, Midstream and Processing [Member] | SSE Thermal [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Ownership interest in joint venture | 50% | |||||||||
Statfjord licence shares [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Cash consideration | $ 168 | |||||||||
Statfjord licence shares [Member] | Maximum (%) [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Percentage of share acquired | 48.78% | |||||||||
Statfjord licence shares [Member] | Minimum (%) [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Percentage of share acquired | 11.56% | |||||||||
Statfjord licence shares [Member] | E&P International [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
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 and E&P International segments [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
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 | |||||||||
Rio Energy [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Percentage of share acquired | 100% | |||||||||
Total purchase price | $ 82 | |||||||||
Increase in property plant and equipment resulting from business combination | 350 | |||||||||
Capital contributions to acquirer | $ 268 | |||||||||
Suncor Energy UK Limited [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Percentage of share acquired | 100% | |||||||||
Total purchase price | $ 847 | |||||||||
Increase in property plant and equipment resulting from business combination | 1,490 | |||||||||
Increase in deferred tax liability | $ 672 | |||||||||
Suncor Energy UK Limited [Member] | Buzzard Oil Field [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Ownership interest in joint operation | 29.89% | |||||||||
Suncor Energy UK Limited [Member] | Rosebank Development [Member] | ||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||
Ownership interest in joint operation | 40% |
Acquisitions and disposals - di
Acquisitions and disposals - divestitures (Details) £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Dec. 22, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Feb. 10, 2022 GBP (£) | Feb. 10, 2022 USD ($) | Feb. 28, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Divestments [Line Items] | |||||||||
Proportion of ownership interest divested | 100% | ||||||||
Exploration expenses | $ 795 | $ 1,205 | $ 1,004 | ||||||
Net income/(loss) from equity accounted investments | $ (1) | $ 620 | $ 259 | ||||||
Gain (loss) on disposal of assets or discontinued operations | $ (258) | ||||||||
Proceeds from extraordinary dividend and repayment of paid-in capital | 371 | ||||||||
Total consideration | $ 362 | ||||||||
Investment In Azerbaijan [Member] | |||||||||
Divestments [Line Items] | |||||||||
Impairment loss recognised in profit or loss | $ 310 | ||||||||
Azeri Chirag Gunashli [Member] | |||||||||
Divestments [Line Items] | |||||||||
Additional ownership interest held for sale | 7.27% | ||||||||
Baku-Tbilisi-Ceyhan [Member] | |||||||||
Divestments [Line Items] | |||||||||
Additional ownership interest held for sale | 8.71% | ||||||||
Karabagh Oil Field [Member] | |||||||||
Divestments [Line Items] | |||||||||
Additional ownership interest held for sale | 50% | ||||||||
Ekofisk and Martin Linge [Member] | |||||||||
Divestments [Line Items] | |||||||||
Proceeds from divesture/sale | $ 293 | ||||||||
Proportion of voting rights held in joint operation | 51% | ||||||||
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% | |||||||
Gain (loss) on disposal of assets or discontinued operations | £ 65 | $ 87 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | $ 106,132 | $ 150,262 | $ 88,247 |
Taxes paid in kind | 342 | 412 | 345 |
Physically settled commodity derivatives | 1,331 | (2,534) | (1,075) |
Gain/(loss) on commidity derivates | 351 | (1,745) | (708) |
Change in fair value of trading inventory | (334) | (194) | 0 |
Other revenues | 418 | 319 | 276 |
Total other revenues | 716 | (1,258) | 497 |
Revenues | 106,848 | 149,004 | 88,744 |
Net income/(loss) from equity accounted investments | (1) | 620 | 259 |
Other Income | 327 | 1,182 | 1,921 |
Total revenues and other income | 107,174 | 150,806 | 90,924 |
Commodity [Member] | |||
Disclosure of geographical areas [line items] | |||
Gain/(loss) on commidity derivates | $ (1,041) | $ 739 | $ 951 |
Norway [Member] | |||
Disclosure of geographical areas [line items] | |||
Percentage of entity's revenue | 79% | 84% | 81% |
United States [Member] | |||
Disclosure of geographical areas [line items] | |||
Percentage of entity's revenue | 18% | 13% | 13% |
Crude oil [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | $ 56,861 | $ 58,524 | $ 38,307 |
Natural gas [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 26,386 | 65,232 | 28,050 |
Refined products [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 10,083 | 11,093 | 11,473 |
Natural gas liquids [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 8,345 | 9,240 | 8,490 |
Natural gas liquids [Member] | European [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 23,174 | 58,239 | 24,900 |
Natural gas liquids [Member] | North America [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 1,111 | 2,884 | 1,783 |
Natural gas liquids [Member] | Other incl LNG [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 2,102 | 4,109 | 1,368 |
Trasnsportation [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | 1,425 | 1,470 | 921 |
Other sales [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues from contracts with customers | $ 3,032 | $ 4,702 | $ 1,006 |
Salaries and personnel expens_3
Salaries and personnel expenses (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Employees | Dec. 31, 2022 USD ($) Employees | Dec. 31, 2021 USD ($) Employees | |
Salaries and personnel expenses [Abstract] | |||
Salaries | $ 2,876,000,000 | $ 2,875,000,000 | $ 2,962,000,000 |
Pension costs | 441,000,000 | 458,000,000 | 488,000,000 |
Payroll tax | 511,000,000 | 433,000,000 | 414,000,000 |
Other compensations and social costs | 375,000,000 | 324,000,000 | 288,000,000 |
Total payroll costs | $ 4,203,000,000 | $ 4,090,000,000 | $ 4,152,000,000 |
Average number of employees | Employees | 22,600 | 21,500 | 21,400 |
Part time employees as percentage of total employees | 2% | 3% | |
Remuneration to members of the BoD and the CEC [abstract] | |||
Current employee benefits | $ 10,700,000 | $ 12,900,000 | $ 12,200,000 |
Post-employment benefits | 300,000 | 400,000 | 400,000 |
Other non-current benefits | 0 | 0 | 0 |
Share-based payment benefits | 300,000 | 200,000 | 100,000 |
Total compensation expense | 11,300,000 | 13,500,000 | $ 12,700,000 |
Compensation cost yet to be expensed | 176,000,000 | ||
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 | 83,000,000 | ||
2022 programme [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated compensation expense | 78,000,000 | ||
2021 programme [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated compensation expense | 85,000,000 | ||
2020 programme [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated compensation expense | $ 79,000,000 |
Auditor's remuneration and Re_3
Auditor's remuneration and Research and development expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Total | $ 16.1 | $ 13.2 | $ 15.5 |
Research and development expenditures | 311 | 308 | 291 |
Ernst and Young [Member] | |||
Disclosure of operating segments [line items] | |||
Audit fee | 14.9 | 11.4 | 14.4 |
Audit related fee | 1.2 | 1.8 | 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 | $ 0.5 | $ 0.6 | $ 0.5 |
Financial items (Details)
Financial items (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial items [Abstract] | |||
Foreign currency exchange gains/(losses) derivative financial instruments | $ (1,476) | $ 797 | $ 870 |
Other foreign currency exchange gains/(losses) | 2,328 | 1,291 | (823) |
Net foreign currency exchange gains/(losses) | 852 | 2,088 | 47 |
Dividends received | 218 | 93 | 39 |
Interest income financial investments, including cash and cash equivalents | 1,468 | 398 | 38 |
Interest income non-current financial receivables | 31 | 30 | 26 |
Interest income other current financial assets and other financial items | 732 | 701 | 48 |
Interest income and other financial income | 2,449 | 1,222 | 151 |
Gains (losses) financial investments | 123 | (394) | (348) |
Gains (losses) derivative financial instruments | 351 | (1,745) | (708) |
Interest expense bonds and bank loans and net interest on related derivatives | (1,263) | (1,029) | (896) |
Interest expense lease liabilities | (132) | (90) | (93) |
Capitalised borrowing costs | 468 | 382 | 334 |
Accretion expense asset retirement obligations | (538) | (449) | (453) |
Interest expense current financial liabilities and other financial expense | (195) | (192) | (114) |
Interest expenses and other financial expenses | (1,660) | (1,379) | (1,223) |
Net financial items | 2,114 | (207) | (2,080) |
Interest expense from the financial liabilities at amortised cost category | 857 | 918 | 990 |
Net interest expense, fair value through profit or loss category | 405 | 111 | |
Net interest income, fair value through profit or loss category | 94 | ||
Fair value gain (loss) from the trading instruments held | 332 | (1,760) | (724) |
Net foreign exchange loss | 315 | 691 | 702 |
Interest income related to balance at amortised costs of financial investments | $ 1,410 | $ 364 | $ 12 |
Income taxes - Significant comp
Income taxes - Significant components of income tax expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax (expense) income [abstract] | |||
Current income tax expense in respect of current year | $ (24,028) | $ (52,124) | $ (21,271) |
Prior period adjustments | (121) | (112) | (28) |
Current income tax expense | (24,149) | (52,236) | (21,299) |
Origination and reversal of temporary differences | (1,529) | (2,136) | (1,778) |
Recognition / derecognition of previously (un)recognised deferred tax assets | (137) | 4,401 | 126 |
Change in tax regulations | 4 | 0 | 4 |
Prior period adjustments | (169) | 110 | (60) |
Deferred tax income/(expense) | (1,831) | 2,375 | (1,708) |
Income tax expense | $ (25,980) | $ (49,861) | $ (23,007) |
Income taxes - Reconciliation o
Income taxes - Reconciliation of statutory tax rate to effective tax rate (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||||
Income/(loss) before tax | $ 37,884 | $ 78,604 | $ 31,583 | |
Calculated income tax at statutory rate | (8,833) | (18,168) | (7,053) | |
Calculated Norwegian Petroleum tax | (17,226) | (36,952) | (17,619) | |
Tax effect uplift | 160 | 259 | 914 | |
Tax effect of permanent differences regarding divestments | 82 | 417 | 90 | |
Tax effect of permanent differences caused by functional currency different from tax currency | 5 | 145 | 150 | |
Tax effect of other permanent differences | 453 | 403 | 228 | |
Recognition / derecognition of previously (un)recognised deferred tax assets | (137) | 4,401 | 126 | |
Change in unrecognised deferred tax assets | (29) | (34) | 619 | |
Change in tax regulations | 4 | 0 | 4 | |
Prior period adjustments | (290) | (3) | (88) | |
Other items including currency effects | (169) | (327) | (378) | |
Income tax expense | $ (25,980) | $ (49,861) | $ (23,007) | |
Effective tax rate | 68.60% | 63.40% | 72.80% | |
Corporate tax rate | 23.30% | 23.10% | 22.30% | |
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% | |||
Petroleum tax rate | 71.80% | |||
Uplift rate | 12.40% | 17.69% | ||
Norway [Member] | Forecast [Member] | ||||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||||
Corporate tax rate | 15% |
Income taxes - Deferred tax ass
Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | $ 20,892 | $ 20,634 | ||
Deferred tax liabilities | (26,378) | (23,813) | ||
Net asset (liability) | (5,485) | (3,179) | $ (7,655) | $ (6,250) |
Tax losses carried forward [Member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 8,575 | 8,105 | ||
Deferred tax liabilities | (28) | (28) | ||
Net asset (liability) | 8,547 | 8,077 | ||
Property, plant and equipment, intangible assets and equity accounted investments [Member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 514 | 694 | ||
Deferred tax liabilities | (26,042) | (23,356) | ||
Net asset (liability) | (25,528) | (22,662) | ||
Asset retirement obligation [Member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 7,816 | 7,356 | ||
Deferred tax liabilities | 0 | 0 | ||
Net asset (liability) | 7,816 | 7,356 | ||
Lease liabilities [Member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 1,298 | 1,306 | ||
Deferred tax liabilities | (2) | (3) | ||
Net asset (liability) | 1,296 | 1,303 | ||
Pensions [Member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 747 | 694 | ||
Deferred tax liabilities | (6) | (12) | ||
Net asset (liability) | 741 | 682 | ||
Derivatives [Member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 446 | 1,131 | ||
Deferred tax liabilities | 0 | (3) | ||
Net asset (liability) | 446 | 1,128 | ||
Other [Member] | ||||
Deferred tax assets and liabilities [abstract] | ||||
Deferred tax assets | 1,495 | 1,348 | ||
Deferred tax liabilities | (300) | (411) | ||
Net asset (liability) | $ 1,195 | $ 937 |
Income taxes - Changes in Defer
Income taxes - Changes in Deferred tax assets and liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in net deferred tax liability during the year [abstract] | |||
Net deferred tax liability beginning balance | $ 3,179 | $ 7,655 | $ 6,250 |
Charged (credited) to the Consolidated statement of income | 1,831 | (2,375) | 1,708 |
Charged (credited) to Other comprehensive income | (66) | 105 | 35 |
Acquisitions and disposals | 981 | (968) | 36 |
Foreign currency translation effects and other effects | (440) | (1,239) | (374) |
Net deferred tax liability ending balance | 5,485 | 3,179 | $ 7,655 |
Net deferred tax assets and liabilities [abstract] | |||
Deferred tax assets | 7,936 | 8,732 | |
Deferred tax liabilities | 13,345 | 11,996 | |
Net deferred tax classified as held for sale | $ (76) | 85 | |
Expected recognition of deferred tax assets, period | 10 years | ||
Percent of tax losses carried forward | 80% | ||
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 | $ 965 | 1,953 | |
Deferred tax assets | $ 7,952 | $ 8,817 |
Income taxes - Unrecognised def
Income taxes - Unrecognised deferred tax assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences, basis | $ 2,555 | $ 2,558 |
Unused tax credits, basis | 0 | 0 |
Tax losses carried forward, basis | 3,944 | 3,458 |
Total unrecognised deferred tax assets, basis | 6,499 | 6,016 |
Deductible temporary differences, unrecognised deferred tax asset | 1,030 | 968 |
Unused tax credits | 185 | 129 |
Tax losses carried forward, unrecognised deferred tax asset | 947 | 930 |
Total unrecognised deferred tax assets | $ 2,162 | 2,027 |
Percentage of unrecognised tax losses that can be carried forward indefinitely | 90% | |
Remaining unrecognised tax losses expiry date | after 2027 | |
Angola [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total unrecognised deferred tax assets | $ 712 | 636 |
Canada [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total unrecognised deferred tax assets | $ 415 | $ 346 |
Property, plant and equipment_2
Property, plant and equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | $ 56,498 | |
Property plant and equipment ending | 58,822 | $ 56,498 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 199,586 | 212,234 |
Additions through business combinations | 1,923 | |
Additions and transfers | 11,761 | 10,332 |
Changes in asset retirement obligations | 827 | (4,805) |
Disposals at cost | (4,771) | (3,865) |
Assets reclassified to held for sale | (4,198) | |
Effect of changes in foreign exchange | (2,937) | (14,310) |
Property plant and equipment ending | 202,191 | 199,586 |
Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | (143,088) | (150,159) |
Depreciation | (9,350) | (8,856) |
Impairment losses | (1,188) | (286) |
Reversal of impairment losses | 290 | 3,599 |
Transfers | (2) | (8) |
Accumulated depreciation and impairment disposed assets | 4,533 | 2,359 |
Accumulated depreciation and impairment assets classified as HFS | 3,183 | |
Effect of changes in foreign exchange | 2,251 | 10,264 |
Property plant and equipment ending | (143,369) | (143,088) |
Machinery, equipment and transportation equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 140 | |
Property plant and equipment ending | $ 250 | $ 140 |
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 | $ 1,343 | $ 1,335 |
Additions through business combinations | 48 | |
Additions and transfers | 113 | 52 |
Changes in asset retirement obligations | 0 | 0 |
Disposals at cost | (64) | (9) |
Assets reclassified to held for sale | (1) | |
Effect of changes in foreign exchange | 0 | (36) |
Property plant and equipment ending | 1,438 | 1,343 |
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 | (1,203) | (1,188) |
Depreciation | (44) | (52) |
Impairment losses | (2) | (8) |
Reversal of impairment losses | 0 | 4 |
Transfers | 1 | (2) |
Accumulated depreciation and impairment disposed assets | 52 | 8 |
Accumulated depreciation and impairment assets classified as HFS | 1 | |
Effect of changes in foreign exchange | 7 | 34 |
Property plant and equipment ending | (1,188) | (1,203) |
Production plants and oil and gas assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 40,493 | |
Property plant and equipment ending | 39,585 | 40,493 |
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 | 171,948 | 183,358 |
Additions through business combinations | 1,121 | |
Additions and transfers | 7,286 | 9,390 |
Changes in asset retirement obligations | 772 | (4,756) |
Disposals at cost | (3,567) | (3,487) |
Assets reclassified to held for sale | (3,944) | |
Effect of changes in foreign exchange | (2,705) | (12,557) |
Property plant and equipment ending | 170,911 | 171,948 |
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 | (131,455) | (137,763) |
Depreciation | (7,976) | (7,643) |
Impairment losses | (844) | (187) |
Reversal of impairment losses | 288 | 2,585 |
Transfers | (11) | (20) |
Accumulated depreciation and impairment disposed assets | 3,355 | 2,002 |
Accumulated depreciation and impairment assets classified as HFS | 3,176 | |
Effect of changes in foreign exchange | 2,142 | 9,571 |
Property plant and equipment ending | (131,325) | (131,455) |
Refining and manufacturing plants [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 1,522 | |
Property plant and equipment ending | $ 1,325 | $ 1,522 |
Refining and manufacturing plants [Member] | Maximum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives (years) | 30 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 | $ 8,285 | $ 8,481 |
Additions through business combinations | 339 | |
Additions and transfers | 60 | 378 |
Changes in asset retirement obligations | 0 | 0 |
Disposals at cost | (446) | 2 |
Assets reclassified to held for sale | 0 | |
Effect of changes in foreign exchange | (133) | (576) |
Property plant and equipment ending | 8,105 | 8,285 |
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 | (6,763) | (7,926) |
Depreciation | (224) | (160) |
Impairment losses | (323) | (39) |
Reversal of impairment losses | 0 | 802 |
Transfers | 0 | 2 |
Accumulated depreciation and impairment disposed assets | 442 | (4) |
Accumulated depreciation and impairment assets classified as HFS | 0 | |
Effect of changes in foreign exchange | 88 | 562 |
Property plant and equipment ending | (6,780) | (6,763) |
Buildings and land [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 224 | |
Property plant and equipment ending | $ 254 | $ 224 |
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 | $ 562 | $ 596 |
Additions through business combinations | 38 | |
Additions and transfers | 19 | 6 |
Changes in asset retirement obligations | 0 | 0 |
Disposals at cost | (29) | (20) |
Assets reclassified to held for sale | 0 | |
Effect of changes in foreign exchange | 1 | (19) |
Property plant and equipment ending | 591 | 562 |
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 | (338) | (320) |
Depreciation | (26) | (33) |
Impairment losses | 0 | 0 |
Reversal of impairment losses | 0 | 0 |
Transfers | (1) | 0 |
Accumulated depreciation and impairment disposed assets | 28 | 5 |
Accumulated depreciation and impairment assets classified as HFS | 0 | |
Effect of changes in foreign exchange | 0 | 9 |
Property plant and equipment ending | (337) | (338) |
Construction in Progress [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 10,679 | |
Property plant and equipment ending | 13,980 | 10,679 |
Construction in Progress [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 10,815 | 12,614 |
Additions through business combinations | 370 | |
Additions and transfers | 3,196 | (813) |
Changes in asset retirement obligations | 55 | (48) |
Disposals at cost | (30) | (5) |
Assets reclassified to held for sale | (245) | |
Effect of changes in foreign exchange | (64) | (934) |
Property plant and equipment ending | 14,097 | 10,815 |
Construction in Progress [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | (135) | (344) |
Depreciation | 0 | 0 |
Impairment losses | (18) | (49) |
Reversal of impairment losses | 3 | 207 |
Transfers | 10 | 20 |
Accumulated depreciation and impairment disposed assets | 22 | 0 |
Accumulated depreciation and impairment assets classified as HFS | 0 | |
Effect of changes in foreign exchange | 3 | 30 |
Property plant and equipment ending | (117) | (135) |
Right of use assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property plant and equipment beginning | 3,439 | |
Property plant and equipment ending | $ 3,427 | $ 3,439 |
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 | $ 6,633 | $ 5,850 |
Additions through business combinations | 8 | |
Additions and transfers | 1,087 | 1,319 |
Changes in asset retirement obligations | 0 | 0 |
Disposals at cost | (634) | (347) |
Assets reclassified to held for sale | (8) | |
Effect of changes in foreign exchange | (36) | (188) |
Property plant and equipment ending | 7,050 | 6,633 |
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 | (3,194) | (2,619) |
Depreciation | (1,079) | (969) |
Impairment losses | (1) | (4) |
Reversal of impairment losses | 0 | 0 |
Transfers | 0 | (8) |
Accumulated depreciation and impairment disposed assets | 634 | 347 |
Accumulated depreciation and impairment assets classified as HFS | 6 | |
Effect of changes in foreign exchange | 10 | 59 |
Property plant and equipment ending | $ (3,623) | $ (3,194) |
Property, plant and equipment -
Property, plant and equipment - Footnote (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Assets transferred to Property, plant and equipment from Intangible assets | $ 1,280 | $ 982 |
Land and buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right of use Assets | 1,038 | |
Vessels [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right of use Assets | 1,578 | |
Drilling Rigs [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right of use Assets | $ 504 |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | $ 5,158 | ||
Expensed exploration expenditures previously capitalised | 53 | $ (342) | $ (171) |
Intangibles ending | 5,709 | 5,158 | |
Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 5,542 | 6,816 | |
Additions through business combinations | 799 | ||
Additions | 989 | 324 | |
Disposals at cost | (135) | (58) | |
Transfers | (1,280) | (982) | |
Expensed exploration expenditures previously capitalised | 53 | (342) | |
Impairment of goodwill | (3) | ||
Foreign currency translation effect | 41 | (213) | |
Intangibles ending | 6,010 | 5,542 | 6,816 |
Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | (384) | ||
Intangibles ending | (302) | (384) | |
Exploration expenses [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 1,599 | ||
Intangibles ending | 1,169 | 1,599 | |
Exploration expenses [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 1,599 | 1,958 | |
Additions through business combinations | 0 | ||
Additions | 410 | 227 | |
Disposals at cost | 0 | (10) | |
Transfers | (961) | (227) | |
Expensed exploration expenditures previously capitalised | 114 | (283) | |
Impairment of goodwill | 0 | ||
Foreign currency translation effect | 7 | (65) | |
Intangibles ending | 1,169 | 1,599 | 1,958 |
Acquisition costs related to oil and gas prospects [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 2,035 | ||
Intangibles ending | 2,036 | 2,035 | |
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 | 2,035 | 2,670 | |
Additions through business combinations | 5 | ||
Additions | 360 | 4 | |
Disposals at cost | 0 | (50) | |
Transfers | (319) | (516) | |
Expensed exploration expenditures previously capitalised | (61) | (59) | |
Impairment of goodwill | 0 | ||
Foreign currency translation effect | 16 | (14) | |
Intangibles ending | 2,036 | 2,035 | 2,670 |
Goodwill [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 1,380 | ||
Intangibles ending | 1,733 | 1,380 | |
Goodwill [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 1,380 | 1,467 | |
Additions through business combinations | 348 | ||
Additions | 9 | 36 | |
Disposals at cost | (10) | 0 | |
Transfers | 4 | 0 | |
Expensed exploration expenditures previously capitalised | 0 | 0 | |
Impairment of goodwill | (3) | ||
Foreign currency translation effect | 2 | (121) | |
Intangibles ending | 1,733 | 1,380 | 1,467 |
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 | 533 | ||
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 | 440 | ||
Other intangible assets [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 144 | ||
Intangibles ending | 770 | 144 | |
Other intangible assets [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | 528 | 722 | |
Additions through business combinations | 446 | ||
Additions | 210 | 57 | |
Disposals at cost | (124) | 1 | |
Transfers | (4) | (239) | |
Expensed exploration expenditures previously capitalised | 0 | 0 | |
Impairment of goodwill | 0 | ||
Foreign currency translation effect | 16 | (13) | |
Intangibles ending | 1,072 | 528 | $ 722 |
Other intangible assets [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangibles beginning | (384) | ||
Intangibles ending | $ (302) | $ (384) |
Intangible assets - Exploration
Intangible assets - Exploration expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible exploration and evaluation assets | $ 1,169 | $ 1,599 | |
Exploration expenditures | 1,275 | 1,087 | $ 1,027 |
Expensed exploration expenditures previously capitalised | (53) | 342 | 171 |
Capitalised exploration | (427) | (224) | (194) |
Exploration expenses | 795 | 1,205 | $ 1,004 |
Less than one year [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible exploration and evaluation assets | 345 | 250 | |
Between one and five years [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible exploration and evaluation assets | 458 | 340 | |
More than five years [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible exploration and evaluation assets | $ 366 | $ 1,009 |
Impairments - Narrative (Detail
Impairments - Narrative (Details) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) kr / $ | Dec. 31, 2023 USD ($) kr / € | Dec. 31, 2023 USD ($) kr / t | Dec. 31, 2023 USD ($) $ / £ | 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 | $ 363 | $ 832 | ||||||
Estimated impairment loss due to decline in commodity prices | $ 11,000 | $ 11,000 | $ 11,000 | $ 11,000 | $ 11,000 | $ 11,000 | ||
Percentage of estimated decline in commodity prices | 30% | 30% | 30% | 30% | 30% | 30% | ||
Base discount rate applied in value in use calculations | 5% | |||||||
Impairment amount | $ 1,261 | (2,505) | $ 1,282 | |||||
Sensitivity of discount rate assessment, amount of potential impact | $ 2,000 | |||||||
E&P- Norway [Member] | ||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||
Pre-tax discount rate | 24% | 24% | 24% | 24% | 24% | 24% | ||
Impairment amount | $ 588 | $ (819) | (1,102) | |||||
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% | ||
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% | |
Impairment amount | $ 343 | $ (895) | 716 | |||||
Renewables USA - offshore [Member] | ||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||
Impairment amount | $ 300 | $ 0 | $ 0 | |||||
Maximum [Member] | ||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||
Sensitivity of discount rate assessment, percent | 6% | |||||||
Maximum [Member] | E&P- Norway [Member] | ||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||
Pre-tax discount rate | 102% | |||||||
Maximum [Member] | E&P International [Member] | ||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||
Pre-tax discount rate | 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% | |||||||
Minimum [Member] | ||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||
Sensitivity of discount rate assessment, percent | 5% | |||||||
Minimum [Member] | E&P- Norway [Member] | ||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||
Pre-tax discount rate | 42% | |||||||
Minimum [Member] | E&P International [Member] | ||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||
Pre-tax discount rate | 8% | |||||||
Minimum [Member] | E&P USA [Member] | ||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||
Pre-tax discount rate | 6% | |||||||
2026 [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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairments/(reversals) including exploration expenses | $ (1,260) | $ (2,487) | $ 1,287 |
Property, plant and equipment, intangible assets and equity accounted investments [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairments/(reversals) including exploration expenses | 1,321 | (2,419) | 1,439 |
Property Plant And Equipment [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairments/(reversals) including exploration expenses | 897 | (3,313) | 1,285 |
Intangible assets [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairments/(reversals) including exploration expenses | 61 | 62 | 154 |
Equity accounted investments [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total net impairments/(reversals) including exploration expenses | $ 363 | $ 832 | $ 0 |
Impairments - Carrying amount a
Impairments - Carrying amount after impairment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | 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 | $ 3,247 | $ 9,435 | $ 10,611 |
Net impairement loss (Reversal) | 1,261 | (2,505) | 1,282 |
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 | 0 | 1,551 | 1,566 |
Net impairement loss (Reversal) | 310 | 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 | 887 | 3,201 | 5,379 |
Net impairement loss (Reversal) | 588 | (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 | 0 | 546 | 1,979 |
Net impairement loss (Reversal) | 0 | (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 | 1,165 | 2,691 | 798 |
Net impairement loss (Reversal) | (290) | (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 | 949 | 1,416 | 868 |
Net impairement loss (Reversal) | 343 | (895) | 716 |
Renewables USA - offshore [Member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Carrying amount after impairment | 134 | 0 | 0 |
Net impairement loss (Reversal) | 300 | 0 | 0 |
Other [Member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Carrying amount after impairment | 112 | 30 | 20 |
Net impairement loss (Reversal) | $ 10 | $ 0 | $ (7) |
Impairments - Price assumptions
Impairments - Price assumptions (Details) | 12 Months Ended |
Dec. 31, 2023 $ / bbl $ / MMBTU € / t € / MWh | |
Brent Blend oil price [Member] | 2027 [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 | 79 |
Brent Blend oil price [Member] | 2027 [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 | (78) |
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 | 78 |
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 | (78) |
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 | 73 |
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 | (73) |
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 | 68 |
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 | (68) |
European gas [Member] | 2027 [Member] | Maximum [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Estimated crude oil or Gas price per unit | 15.5 |
European gas [Member] | 2027 [Member] | Minimum [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Estimated crude oil or Gas price per unit | 20.9 |
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 | 9.1 |
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 | (9.9) |
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 | 9.5 |
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 | (9.4) |
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 | 9.5 |
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 | (9.4) |
Henry Hub Natural Gas Price [Member] | 2027 [Member] | Maximum [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Estimated crude oil or Gas price per unit | 3.6 |
Henry Hub Natural Gas Price [Member] | 2027 [Member] | Minimum [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Estimated crude oil or Gas price per unit | (4.2) |
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 | 4.3 |
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 | (3.9) |
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 | 4.3 |
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 | (3.9) |
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 | 4.3 |
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 | (3.9) |
Electricity Germany [Member] | 2027 [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 | 106 |
Electricity Germany [Member] | 2027 [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 | (122) |
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 | 78 |
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 | (74) |
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 | 71 |
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 | (60) |
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 | 71 |
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 | (60) |
EU ETS [Member] | 2027 [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 | 90 |
EU ETS [Member] | 2027 [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 | (84) |
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 | 105 |
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 | (84) |
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 | 128 |
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 | (111) |
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 | 150 |
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 | (137) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | |||
Net investment beginning | $ 2,758 | $ 2,686 | |
Net income/(loss) from equity accounted investments | (1) | 620 | $ 259 |
Impairment | (363) | (832) | |
Acqusitions and increase in paid in capital | 926 | 337 | |
Dividends and other distributions | (286) | (210) | |
Other comprehensive income / (loss) | (10) | 384 | |
Divestments, derecognition and decrease in paid in capital | (517) | (22) | |
Other | 0 | (205) | |
Net investment ending | 2,507 | 2,758 | 2,686 |
Equity accounted investments | 2,508 | $ 2,758 | $ 2,686 |
Several investments [Member] | Maximum [Member] | |||
Disclosure of associates [line items] | |||
Equity accounted investments | $ 500 |
Financial investments and fin_3
Financial investments and financial receivables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial investments | $ 3,441 | $ 2,733 |
Prepayments and financial receivables | 1,291 | 2,063 |
Financial investments | 29,224 | 29,876 |
Bond Investment [Member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | 1,863 | 1,448 |
Listed equity securities [Member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | 1,035 | 794 |
Non-listed equity securities [Member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | 543 | 491 |
Interest bearing financial receivables [Member] | ||
Disclosure of financial assets [line items] | ||
Prepayments and financial receivables | 341 | 1,658 |
Other interest-bearing receivables [Member] | ||
Disclosure of financial assets [line items] | ||
Prepayments and financial receivables | 40 | 66 |
Prepayments and other non-interest-bearing receivables [Member] | ||
Disclosure of financial assets [line items] | ||
Prepayments and financial receivables | 910 | 339 |
Time deposits [Member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | 17,846 | 12,373 |
Interest bearing securities [Member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | 11,378 | 17,504 |
Investment portfolios [Member] | ||
Disclosure of financial assets [line items] | ||
Financial investments | $ 458 | $ 410 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories [Abstract] | ||
Crude oil | $ 2,051 | $ 2,115 |
Petroleum products | 380 | 451 |
Natural gas | 54 | 127 |
Commodity inventories at the lower of cost and net realisable value | 2,485 | 2,693 |
Natural gas held for trading purposes measured at fair value | 810 | 1,994 |
Other | 520 | 517 |
Total inventories | $ 3,814 | $ 5,205 |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Trade and other receivables [Abstract] | |||
Trade receivables from contracts with customers | $ 10,706 | $ 15,213 | |
Other current receivables | 1,774 | 992 | |
Collateral receivables | 2,186 | 3,468 | |
Receivables from participation in joint operations and similar arrangements | 471 | 661 | |
Receivables from equity accounted associated companies and other related parties | 1,056 | 1,276 | |
Total financial trade and other receivables | 16,193 | 21,611 | |
Non-financial trade and other receivables | 740 | 841 | |
Trade and other receivables | [1] | $ 16,933 | $ 22,452 |
[1] Of which Trade receivables of USD 13,017 17,334 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and cash equivalents [Abstract] | |||
Cash at bank available | $ 2,295 | $ 2,220 | |
Time deposits | 1,337 | 836 | |
Money Market Funds | 1,875 | 3,106 | |
Interest bearing securities | 2,563 | 3,276 | |
Restricted cash, including collateral deposits | 1,572 | 6,140 | |
Cash and cash equivalents | [1] | 9,641 | 15,579 |
Collateral deposits related to trading activities | $ 1,572 | $ 6,128 | |
[1] Includes collateral deposits of USD 1,572 participating. The corresponding figure for 2022 is 6,128 |
Shareholders' equity, capital_3
Shareholders' equity, capital distribution and earnings per share - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 06, 2024 $ / shares | Mar. 31, 2023 | Jun. 30, 2023 NOK (kr) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2023 NOK (kr) kr / shares shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 NOK (kr) kr / shares shares | Dec. 31, 2022 USD ($) shares | |
Dividends declared per share | $ / shares | $ 3.6000 | $ 2.4000 | |||||||||
Payments to acquire or redeem entity's shares | $ 5,589,000,000 | $ 3,315,000,000 | $ 321,000,000 | ||||||||
Proportion of ownership interest divested | 100% | ||||||||||
Share capital | kr 7,507,761,512.50 | $ 1,100,516,940 | kr 7,938,675,397.50 | $ 1,142,036,265 | |||||||
Total number of shares issued | shares | 3,003,104,605 | 3,003,104,605 | 3,175,470,159 | 3,175,470,159 | |||||||
Nominal value per share | kr / shares | kr 2.50 | kr 2.50 | |||||||||
Increase (decrease) through treasury share transactions, equity | (5,685,000,000) | (3,380,000,000) | $ (429,000,000) | ||||||||
Norwegian State [Member] | |||||||||||
Percentage ownership of entity by shareholders | 67% | 67% | |||||||||
Potential Ordinary Share Transactions [Member] | |||||||||||
Dividends declared per share | $ / shares | $ 0.35 | ||||||||||
Extraordinary dividend per share | $ / shares | $ 0.35 | ||||||||||
Treasury shares employees [Member] | |||||||||||
Treasury shares purchased | 68,000,000 | $ 72,000,000 | |||||||||
Share buyback programme [Member] | |||||||||||
Agreement to buy treasury shares | $ 5,685,000,000 | $ 3,380,000,000 | |||||||||
Nominal value per share | kr / shares | kr 2.50 | ||||||||||
Number of shares outstanding | shares | 13,460,292 | 49,486,793 | 49,486,793 | 42,619,172 | 42,619,172 | ||||||
Share buyback programme [Member] | First tranche [Member] | |||||||||||
Agreement to buy treasury shares | $ 330,000,000 | $ 330,000,000 | |||||||||
Share buyback programme [Member] | Second tranche [Member] | |||||||||||
Agreement to buy treasury shares | 550,000,000 | 440,000,000 | |||||||||
Share buyback programme [Member] | Third tranche [Member] | |||||||||||
Agreement to buy treasury shares | 550,000,000 | 605,000,000 | |||||||||
Share buyback programme [Member] | Fourth tranche [Member] | |||||||||||
Agreement to buy treasury shares | 550,000,000 | $ 605,000,000 | |||||||||
Share buy-back programme for 2023 [Member] | |||||||||||
Agreement to buy treasury shares | 6,000,000,000 | ||||||||||
Share buy-back programme for 2023 [Member] | Maximum [Member] | |||||||||||
Agreement to buy treasury shares | 6,000,000,000 | ||||||||||
Share buy-back programme for 2023 [Member] | Fourth tranche [Member] | |||||||||||
Payments to acquire or redeem entity's shares | 388,000,000 | ||||||||||
Amount accrued and classified as trade, orther payables and provisions | $ 162,000,000 | ||||||||||
Treasury shares purchased | $ 410,000,000 | ||||||||||
Share buy-back programme for 2022 [Member] | |||||||||||
Payments to acquire or redeem entity's shares | kr 39,071,000,000 | $ 3,705,000,000 |
Shareholders' equity, capital_4
Shareholders' equity, capital distribution and earnings per share - Share capital activity (Details) | 12 Months Ended | ||||||
Dec. 31, 2023 NOK (kr) shares kr / shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 NOK (kr) kr / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | |
Number of shares issued [abstract] | |||||||
Share capital, beginning (shares) | 3,175,470,159 | 3,175,470,159 | |||||
Capital (reduction), shares | (172,365,554) | (172,365,554) | |||||
Share capital, ending (shares) | 3,003,104,605 | 3,003,104,605 | 3,175,470,159 | 3,175,470,159 | |||
Nominal value per share | kr / shares | kr 2.50 | kr 2.50 | |||||
Share capital | kr 7,938,675,397.50 | $ 1,142,036,265 | |||||
Nominal value per share during year | kr / shares | kr 2.50 | ||||||
Capital reduction | kr (430,913,885) | (41,519,325) | |||||
Share capital | kr 7,507,761,512.50 | 1,100,516,940 | kr 7,938,675,397.50 | $ 1,142,036,265 | |||
Reconciliation of number of shares outstanding [abstract] | |||||||
Number of shares issued | 3,003,104,605 | 3,175,470,159 | 3,003,104,605 | 3,175,470,159 | |||
Share capital | kr 7,507,761,512.50 | kr 7,938,675,397.50 | $ 1,100,516,940 | $ 1,142,036,265 | |||
Share buy-back | $ | $ (5,685,000,000) | $ (3,380,000,000) | $ (429,000,000) | ||||
Common stock outstanding [Member] | |||||||
Number of shares issued [abstract] | |||||||
Share capital, ending (shares) | 3,003,104,605 | 3,003,104,605 | |||||
Nominal value per share | kr / shares | kr 2.50 | ||||||
Share capital | kr | kr 7,507,761,512.50 | ||||||
Reconciliation of number of shares outstanding [abstract] | |||||||
Number Of Shares Authorised | 3,003,104,605 | 3,003,104,605 | |||||
Number of shares issued | 3,003,104,605 | 3,003,104,605 | |||||
Share buy-back programme | (49,486,793) | (49,486,793) | |||||
Employees share saving plan | (8,884,668) | (8,884,668) | |||||
Total outstanding shares | 2,944,733,144 | 2,944,733,144 | |||||
Share capital | kr | kr 7,507,761,512.50 | ||||||
Share buy-back | kr | (123,716,982.50) | ||||||
Employees share saving plan | kr | (22,211,670) | ||||||
Total outstanding shares, value | kr | kr 7,361,832,860 | ||||||
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 | 49,486,793 | 42,619,172 | 13,460,292 | 49,486,793 | 42,619,172 | ||
Employee Share Saving Plan [Member] | |||||||
Number of shares issued [abstract] | |||||||
Nominal value per share | kr / shares | kr 2.50 |
Shareholders' equity, capital_5
Shareholders' equity, capital distribution and earnings per share - Dividends schedule (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 USD ($) kr / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 USD ($) kr / shares | |
Dividends decared [abstract] | ||||
Dividends declared | $ 10,783 | $ 10,783 | $ 7,549 | $ 7,549 |
Dividend per share | $ / shares | $ 3.6000 | $ 2.4000 | ||
Dividends paid in cash | $ 10,906 | $ 5,380 | ||
Dividends paid, ordinary shares per share | (per share) | $ 3.6000 | $ 37.8522 | $ 1.6800 | $ 16.4837 |
Shareholders' equity, capital_6
Shareholders' equity, capital distribution and earnings per share - Share buyback and treasury shares (Details) - Share buyback programme [Member] - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share buy-back programme at 1 January | 42,619,172 | 13,460,292 |
Purchase | 63,748,254 | 56,290,671 |
Cancellation | (56,880,633) | (27,131,791) |
Share buy-back programme at 31 December | 49,486,793 | 42,619,172 |
Shareholders' equity, capital_7
Shareholders' equity, capital distribution and earnings per share - Equity impact of share buy back programmes (Details) - Share buyback programme [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Agreement to buy treasury shares | $ 5,685 | $ 3,380 |
Open market share [Member] | ||
Agreement to buy treasury shares | 1,980 | 1,980 |
First tranche [Member] | ||
Agreement to buy treasury shares | 330 | 330 |
Second tranche [Member] | ||
Agreement to buy treasury shares | 550 | 440 |
Third tranche [Member] | ||
Agreement to buy treasury shares | 550 | 605 |
Fourth tranche [Member] | ||
Agreement to buy treasury shares | 550 | 605 |
Norwegian state share 1 [Member] | ||
Agreement to buy treasury shares | $ 3,705 | $ 1,399 |
Shareholders' equity, capital_8
Shareholders' equity, capital distribution and earnings per share - Employees share saving plan (Details) - Employee Share Saving Plan [Member] - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share saving plan at 1 January | 10,908,717 | 12,111,104 |
Purchase | 2,204,207 | 2,127,172 |
Allocated to employees | (4,228,256) | (3,329,559) |
Share saving plan at 31 December | 8,884,668 | 10,908,717 |
Shareholders' equity, capital_9
Shareholders' equity, capital distribution and earnings per share - Earnings per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic earnings per share | |||
Net income (loss) attributable to shareholders of the company | $ 11,885 | $ 28,746 | $ 8,563 |
Weighted average number of ordinary shares outstanding | 3,021 | 3,174 | |
Basic earnings per share (in USD) | $ 3.93 | $ 9.06 | $ 2.64 |
Diluted earnings per share | |||
Net income (loss) attributable to shareholders of the company | $ 11,885 | $ 28,746 | $ 8,563 |
Weighted average number of ordinary shares outstanding, diluted | 3,027 | 3,183 | |
Diluted earnings per share (in USD) | $ 3.93 | $ 9.03 | $ 2.63 |
Finance debt - Non-current fina
Finance debt - Non-current finance debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | $ 24,380 | $ 26,612 |
Unsecured loans | 250 | 76 |
Total finance debt | 24,630 | 26,688 |
Less current portion | 2,400 | 2,547 |
Non-current finance debt | 22,230 | 24,141 |
United States Dollar (USD) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 15,705 | 17,190 |
Euro (EUR) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 6,633 | 7,465 |
Great Britain Pound (GBP) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 1,747 | 1,652 |
Norwegian Kroner (NOK) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 295 | $ 304 |
Brazilian Real (BRL) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Weighted average interest rates | 10.10% | |
Unsecured loans | $ 179 | $ 0 |
Japanese Yen (JPY) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Weighted average interest rates | 4.30% | 4.30% |
Unsecured loans | $ 71 | $ 76 |
Fair value based on level 2 inputs [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 23,529 | 25,097 |
Unsecured loans | 262 | 90 |
Total finance debt | 23,791 | 25,187 |
Less current portion | 2,415 | 2,597 |
Non-current finance debt | 21,376 | 22,590 |
Fair value based on level 2 inputs [Member] | United States Dollar (USD) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 15,037 | 16,167 |
Fair value based on level 2 inputs [Member] | Euro (EUR) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 6,177 | 6,782 |
Fair value based on level 2 inputs [Member] | Great Britain Pound (GBP) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 2,013 | 1,836 |
Fair value based on level 2 inputs [Member] | Norwegian Kroner (NOK) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured bonds | 302 | 311 |
Fair value based on level 2 inputs [Member] | Brazilian Real (BRL) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured loans | 179 | 0 |
Fair value based on level 2 inputs [Member] | Japanese Yen (JPY) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Unsecured loans | $ 83 | $ 90 |
Weighted average [Member] | United States Dollar (USD) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Weighted average interest rates | 3.82% | 3.82% |
Weighted average [Member] | Euro (EUR) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Weighted average interest rates | 1.51% | 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, 2023 USD ($) Item | Dec. 31, 2022 USD ($) | |
Disclosure of financial liabilities [line items] | ||
Bonds | $ 24,380 | $ 26,612 |
Pure [abstract] | ||
Bonds not swapped | $ 827 | |
Number of new bonds issued | Item | 0 | |
Number of bonds agreement | Item | 34 | |
Euro (EUR) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Bonds | $ 6,633 | 7,465 |
United States Dollar (USD) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Bonds | 15,705 | $ 17,190 |
Unsecured Bonds [Member] | United States Dollar (USD) [Member] | ||
Disclosure of financial liabilities [line items] | ||
Bonds | 15,705 | |
Unsecured Bonds [Member] | All Other Currencies [Member] | ||
Pure [abstract] | ||
Bonds swapped | 7,848 | |
Unsecured bonds, 38 Bond agreements [Member] | ||
Disclosure of financial liabilities [line items] | ||
Bonds | $ 24,076 |
Finance debt - Non-current debt
Finance debt - Non-current debt maturity profile (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Non-current finance debt maturity profile [abstract] | ||
Total repayment of non-current finance debt | $ 22,230 | $ 24,141 |
Weighted average [Member] | ||
Non-current finance debt maturity profile [abstract] | ||
Weighted average maturity (years) | 9 | 9 |
Weighted average [Member] | Interest Rate Non Current Debt [Member] | ||
Non-current finance debt maturity profile [abstract] | ||
Weighted average annual interest rate (%) | 3.41% | 3.29% |
Year 2 and 3 [Member] | ||
Non-current finance debt maturity profile [abstract] | ||
Total repayment of non-current finance debt | $ 4,683 | $ 4,794 |
Year 4 and 5 [Member] | ||
Non-current finance debt maturity profile [abstract] | ||
Total repayment of non-current finance debt | 4,511 | 4,510 |
After 5 years [Member] | ||
Non-current finance debt maturity profile [abstract] | ||
Total repayment of non-current finance debt | $ 13,035 | $ 14,837 |
Finance debt - Current finance
Finance debt - Current finance debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current finance debt [abstract] | ||
Collateral liabilities | $ 458 | $ 1,571 |
Non-current finance debt due within one year | 2,400 | 2,547 |
Other including US Commercial paper programme and bank overdraft | 3,138 | 241 |
Total current finance debt | $ 5,996 | $ 4,359 |
Weighted average interest rate (%) | 3.77% | 2.22% |
Commerical paper program issuance | $ 1,895 | $ 227 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Repayment of finance debt | $ (2,818) | $ (250) | $ (2,675) |
Repayment of lease liabilities | (1,422) | (1,366) | (1,238) |
Dividends paid | (10,906) | (5,380) | (1,797) |
Share buy-back | (5,589) | (3,315) | (321) |
Net current finance debt and other financing activities | 2,593 | (5,102) | 1,195 |
Cash flows provided by/(used in) financing activities | (18,142) | (15,414) | (4,836) |
Non-current finance debt [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 24,140 | 27,404 | |
Repayment of finance debt | (2,818) | (250) | |
Net current finance debt and other financing activities | 0 | ||
Cash flows provided by/(used in) financing activities | (2,818) | (250) | |
Transfer to current portion | 147 | (2,297) | |
Effects of exchange rate changes | 321 | (710) | |
Debt in RIO Energy | 437 | ||
Other changes | 2 | (7) | |
Net other changes | 907 | (3,014) | |
Liabilities arising from financing activities, ending balance | 22,230 | 24,140 | 27,404 |
Current finance debt [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 4,359 | 5,273 | |
Net current finance debt and other financing activities | 1,385 | (2,982) | |
Cash flows provided by/(used in) financing activities | 1,385 | (2,982) | |
Transfer to current portion | (147) | 2,297 | |
Effects of exchange rate changes | 44 | (78) | |
Other changes | 354 | (151) | |
Net other changes | 251 | 2,068 | |
Liabilities arising from financing activities, ending balance | 5,995 | 4,359 | 5,273 |
Financial receivable collaterals [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | (3,468) | (1,577) | |
Net current finance debt and other financing activities | 1,287 | (2,038) | |
Cash flows provided by/(used in) financing activities | 1,287 | (2,038) | |
Effects of exchange rate changes | (5) | 145 | |
Other changes | (1) | ||
Net other changes | (6) | 145 | |
Liabilities arising from financing activities, ending balance | (2,185) | (3,468) | (1,577) |
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 | 3,041 | 6,408 | |
Share buy-back | (5,589) | (3,315) | |
Net current finance debt and other financing activities | (69) | (73) | |
Cash flows provided by/(used in) financing activities | (5,658) | (3,388) | |
Other changes | 2,617 | 21 | |
Net other changes | 2,617 | 21 | |
Liabilities arising from financing activities, ending balance | 0 | 3,041 | 6,408 |
Non-controling interest [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 1 | 14 | |
Net current finance debt and other financing activities | (10) | (8) | |
Cash flows provided by/(used in) financing activities | (10) | (8) | |
Effects of exchange rate changes | 0 | (3) | |
Other changes | 19 | (2) | |
Net other changes | 19 | (5) | |
Liabilities arising from financing activities, ending balance | 10 | 1 | 14 |
Dividend payable [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 2,808 | 582 | |
Dividends paid | (10,906) | (5,380) | |
Cash flows provided by/(used in) financing activities | (10,906) | (5,380) | |
Divdend declared | 10,783 | 7,549 | |
Other changes | (36) | 57 | |
Net other changes | 10,747 | 7,606 | |
Liabilities arising from financing activities, ending balance | 2,649 | 2,808 | 582 |
Lease liabilities [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 3,667 | 3,562 | |
Repayment of lease liabilities | (1,422) | (1,366) | |
Cash flows provided by/(used in) financing activities | (1,422) | (1,366) | |
Effects of exchange rate changes | (25) | (149) | |
New leases | 1,379 | 1,644 | |
Other changes | (29) | (24) | |
Net other changes | 1,325 | 1,471 | |
Liabilities arising from financing activities, ending balance | $ 3,570 | 3,667 | 3,562 |
Lease liabilities [Member] | Previously stated [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | $ 3,562 | ||
Liabilities arising from financing activities, ending balance | $ 3,562 |
Pensions - Narrative (Details)
Pensions - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) yr | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of net defined benefit liability (asset) [abstract] | |||
Description of type of plan | 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% | ||
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. In this note pension costs are presented 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). | ||
Maximum age of employees for early retirement premium | yr | 62 | ||
Pension costs | $ | $ 441 | $ 458 | $ 488 |
Interest rate [Member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible increase in actuarial assumption | 0% | ||
Other assumptions [Member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
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, 2023 | Dec. 31, 2022 | |
Changes in pension liabilities | ||
Pension liabilities, beginning balance | $ 7,664 | |
Pension liabilities, ending balance | 8,328 | $ 7,664 |
Changes in plan assets | ||
Net pension liability | 2,665 | 2,452 |
Represented by | ||
Asset recognised as non-current pension assets (funded plan) | 1,260 | 1,219 |
Liability recognised as non-current pension liabilities (unfunded plans) | 3,925 | 3,671 |
Pension liabilities specified by funded and unfunded pension plans | 8,328 | 7,664 |
Funded Plans [Member] | ||
Changes in pension liabilities | ||
Pension liabilities, beginning balance | 3,994 | |
Pension liabilities, ending balance | 4,404 | 3,994 |
Represented by | ||
Pension liabilities specified by funded and unfunded pension plans | 4,404 | 3,994 |
Unfunded Plans [Member] | ||
Changes in pension liabilities | ||
Pension liabilities, beginning balance | 3,670 | |
Pension liabilities, ending balance | 3,925 | 3,670 |
Represented by | ||
Pension liabilities specified by funded and unfunded pension plans | 3,925 | 3,670 |
Defined benefit obligations [Member] | ||
Changes in pension liabilities | ||
Pension liabilities, beginning balance | 7,664 | 9,358 |
Current service cost | 145 | 183 |
Interest cost | 318 | 105 |
Actuarial (gains)/losses and currency effects | 338 | (1,785) |
Changes in notional contribution liability and other effects | 56 | 67 |
Benefits paid | (284) | (258) |
Losses (gains) from curtailment, settlement or plan amendment | 91 | (5) |
Pension liabilities, ending balance | 8,328 | 7,664 |
Changes in plan assets | ||
Benefits paid | (284) | (258) |
Losses (gains) from curtailment, settlement or plan amendment | 91 | (5) |
Represented by | ||
Pension liabilities specified by funded and unfunded pension plans | 8,328 | 7,664 |
Defined benefit plan assets [Member] | ||
Changes in pension liabilities | ||
Benefits paid | (141) | (121) |
Losses (gains) from curtailment, settlement or plan amendment | 113 | (5) |
Changes in plan assets | ||
Fair value of plan assets, beginning balance | 5,213 | 6,404 |
Interest income | 190 | 116 |
Return on plan assets (excluding interest income) | 202 | (622) |
Company contributions | 211 | 104 |
Benefits paid | (141) | (121) |
Losses (gains) from curtailment, settlement or plan amendment | 113 | (5) |
Other effects | 0 | 6 |
Foreign currency translation effects | (124) | (669) |
Fair value of plan assets, ending balance | $ 5,664 | $ 5,213 |
Pensions - Actuarial assumption
Pensions - Actuarial assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Weighted-average duration of the defined benefit obligation | 13 years 3 months | 13 years 6 months |
Discount rate [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage Actuarial Assumption To Determine Defined Benefit Obligations | 3.75% | 3.75% |
Rate of compensation increase [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage Actuarial Assumption To Determine Defined Benefit Obligations | 4% | 3.50% |
Expected rate of pension increase [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage Actuarial Assumption To Determine Defined Benefit Obligations | 3.25% | 2.75% |
Expected increase of social security base amount (G-amount) [Member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage Actuarial Assumption To Determine Defined Benefit Obligations | 3.75% | 3.25% |
Pensions - Sensitivity analysis
Pensions - Sensitivity analysis (Details) $ in Millions | Dec. 31, 2023 USD ($) |
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 | $ 587 |
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 | (521) |
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 | (451) |
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 | $ 494 |
Pensions - Portfolio weighting
Pensions - Portfolio weighting (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | $ 109 | |
Equity securities [Member] | ||
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 33.60% | 32.90% |
Equity securities [Member] | Low range value [Member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 30% | |
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 | 100% | 44% |
Equity securities [Member] | Level 2 [Member] | ||
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 54% | |
Bonds [Member] | ||
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 61.70% | 60.50% |
Bonds [Member] | Level 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Percentange of pension assets measured at fair value | 13% | 3% |
Bonds [Member] | Level 2 [Member] | ||
Disclosure of financial assets [line items] | ||
Percentange of pension assets measured at fair value | 87% | 97% |
Interest bearing investments [Member] | Low range value [Member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 52% | |
Interest bearing investments [Member] | High range value [Member] | ||
Disclosure of financial assets [line items] | ||
Target porfolio weight | 65% | |
Real estate [Member] | ||
Disclosure of financial assets [line items] | ||
Pension assets on investment classes, percentage | 4.70% | 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, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | $ 15,946 | $ 16,292 |
Change in estimates | 870 | |
Amounts charged against provisions | $ 427 | |
Reasonably possible change in the discount rate | 1.30% | |
Effects of change in the discount rate | $ (263) | |
Increase in discount rate [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Effects of change in the discount rate | (1,994) | |
Decrease in discount rate [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Effects of change in the discount rate | 2,507 | |
Asset retirement obligations [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Reduction in obligations | 626 | 12,360 |
Total provision | 12,360 | $ 11,734 |
Change in estimates | 845 | |
Amounts charged against provisions | 126 | |
Effects of change in the discount rate | (276) | |
SDFI liability [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Change in estimates | $ 1,388 |
Provisions and other liabilit_4
Provisions and other liabilities - Asset retirement obligations (ARO) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disclosure of other provisions and other liabilities [line items] | |
Non-current portion - beginning period | $ 15,633 |
Current portion, reported as trade, other payables and provisions, beginning | 659 |
Provisions and other liabilities at the beginning period | 16,292 |
New or increased provisions and other liabilities | 931 |
Change in estimates | 870 |
Amounts charged against provisions and other liabilities | (427) |
Effects of change in the discount rate | (263) |
Reduction due to divestments | (306) |
Accretion expenses | 538 |
Reclassification and transfer | (1,561) |
Currency translation | (128) |
Provisions and other liabilities at ending period | 15,946 |
Non-current portion - ending period | 15,304 |
Current portion, reported as trade, other payables and provisions, ending | 642 |
Asset retirement obligations [Member] | |
Disclosure of other provisions and other liabilities [line items] | |
Non-current portion - beginning period | 11,569 |
Current portion, reported as trade, other payables and provisions, beginning | 165 |
Provisions and other liabilities at the beginning period | 11,734 |
New or increased provisions and other liabilities | 488 |
Change in estimates | 845 |
Amounts charged against provisions and other liabilities | (126) |
Effects of change in the discount rate | (276) |
Reduction due to divestments | (403) |
Accretion expenses | 462 |
Reclassification and transfer | (174) |
Currency translation | (190) |
Provisions and other liabilities at ending period | 12,360 |
Non-current portion - ending period | 12,171 |
Current portion, reported as trade, other payables and provisions, ending | 190 |
Other provisions and liabilities [Member] | |
Disclosure of other provisions and other liabilities [line items] | |
Non-current portion - beginning period | 4,064 |
Current portion, reported as trade, other payables and provisions, beginning | 494 |
Provisions and other liabilities at the beginning period | 4,558 |
New or increased provisions and other liabilities | 443 |
Change in estimates | 25 |
Amounts charged against provisions and other liabilities | (301) |
Effects of change in the discount rate | 13 |
Reduction due to divestments | 97 |
Accretion expenses | 76 |
Reclassification and transfer | (1,387) |
Currency translation | 62 |
Provisions and other liabilities at ending period | 3,586 |
Non-current portion - ending period | 3,133 |
Current portion, reported as trade, other payables and provisions, ending | $ 452 |
Provisions and other liabilit_5
Provisions and other liabilities - Expected timing of cash outflows (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | $ 15,946 | $ 16,292 |
2024 - 2028 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 4,092 | |
2029 - 2033 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 1,339 | |
2034 - 2038 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 2,739 | |
2039 - 2043 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 4,568 | |
Thereafter [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 3,208 | |
Asset retirement obligations [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 12,360 | $ 11,734 |
Asset retirement obligations [Member] | 2024 - 2028 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 1,512 | |
Asset retirement obligations [Member] | 2029 - 2033 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 997 | |
Asset retirement obligations [Member] | 2034 - 2038 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 2,605 | |
Asset retirement obligations [Member] | 2039 - 2043 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 4,610 | |
Asset retirement obligations [Member] | Thereafter [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 2,636 | |
Other provisions, including claims and litigations [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 3,586 | |
Other provisions, including claims and litigations [Member] | 2024 - 2028 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 2,580 | |
Other provisions, including claims and litigations [Member] | 2029 - 2033 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 342 | |
Other provisions, including claims and litigations [Member] | 2034 - 2038 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | 134 | |
Other provisions, including claims and litigations [Member] | 2039 - 2043 [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | (42) | |
Other provisions, including claims and litigations [Member] | Thereafter [Member] | ||
Disclosure of other provisions and other liabilities [line items] | ||
Total provision | $ 572 |
Trade, other payables and pro_3
Trade, other payables and provisions (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Trade payables | $ 5,317 | $ 6,207 |
Non-trade payables and accrued expenses | 2,210 | 2,688 |
Total financial trade and other payables | 11,052 | 12,449 |
Current portion of provisions and other non-financial payables | 819 | 903 |
Trade, other payables and provisions | 11,870 | 13,352 |
Joint venture [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Related party payables | $ 2,283 | $ 2,074 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Lease revenue recognized | $ 337 | $ 319 |
Leases - Information related to
Leases - Information related to lease payments and lease liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities [abstract] | |||
Lease interest | $ 132 | $ 90 | $ 93 |
Current leases, presented within current Finance debt | 1,279 | 1,258 | |
Noncurrent Leases | 2,291 | 2,409 | |
Lease liabilities [Member] | |||
Lease liabilities [abstract] | |||
Liabilities arising from financing activities, beginning balance | 3,667 | 3,562 | |
New leases, Including remeasurements and cancelations | 1,379 | 1,644 | |
Gross lease payments | (1,590) | (1,484) | |
Lease interest | 138 | 95 | |
Lease repayments | (1,451) | (1,389) | |
Foreign currency translation effects | (25) | (149) | |
Liabilities arising from financing activities, ending balance | $ 3,570 | $ 3,667 | $ 3,562 |
Leases - Non-current debt matur
Leases - Non-current debt maturity profile (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Lease liabilities [abstract] | ||
Total repayment of non-current lease liability | $ 2,291 | $ 2,409 |
Year 2 and 3 [Member] | ||
Lease liabilities [abstract] | ||
Total repayment of non-current lease liability | 1,342 | 1,360 |
Year 4 and 5 [Member] | ||
Lease liabilities [abstract] | ||
Total repayment of non-current lease liability | 470 | 483 |
After 5 years [Member] | ||
Lease liabilities [abstract] | ||
Total repayment of non-current lease liability | $ 478 | $ 566 |
Other commitments, contingent_3
Other commitments, contingent liabilities and contingent assets (Details) $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2023 USD ($) Wells | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of other provisions and other liabilities [line items] | ||||
Contractual commitments | $ 11,259 | |||
Trade, other payables and provisions | 11,870 | $ 13,352 | ||
Proportion of ownership interest divested | 100% | |||
Current tax payable | 12,306 | $ 17,655 | ||
Wells committed to drill [Member] | ||||
Disclosure of other provisions and other liabilities [line items] | ||||
Contractual commitments | $ 609 | |||
Number of wells, committed to drill | Wells | 34 | |||
Average ownership interest in wells committed to drill | 46% | |||
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 | $ 3,600 | |||
Agbami redetermination [Member] | ||||
Disclosure of other provisions and other liabilities [line items] | ||||
Reduction in exposure | $ (822) | |||
Guarantees [Member] | ||||
Disclosure of other provisions and other liabilities [line items] | ||||
Estimated exposure | 1,564 | |||
Claim from Petrofac [Member] | ||||
Disclosure of other provisions and other liabilities [line items] | ||||
Estimated exposure | $ 163 | |||
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 | |||
Dispute with Brazilian tax authorities [Member] | Maximum [Member] | ||||
Disclosure of other provisions and other liabilities [line items] | ||||
Estimated exposure | $ 159 | |||
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 | $ 380 | |||
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 | $ 114 |
Other commitments, contingent_4
Other commitments, contingent liabilities and contingent assets - long-term commitments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | $ 15,218 |
2024 [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | 2,659 |
2025 [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | 1,972 |
2026 [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | 1,615 |
2027 [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | 1,187 |
2028 [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | 1,010 |
Later than Five Years [Member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Contractual and other long term commitments | $ 6,775 |
Related parties - Narrative (De
Related parties - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of transactions between related parties [line items] | ||||
Prepayments and financial receivables | $ 1,291,000,000 | $ 2,063,000,000 | ||
Trade and other receivables | [1] | 16,933,000,000 | 22,452,000,000 | |
Non-current provisions and other liabilities | 15,304,000,000 | 15,633,000,000 | ||
Current finance debt | 5,996,000,000 | 4,359,000,000 | ||
Related parties [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Current finance debt | $ 1,242,000,000 | 1,479,000,000 | ||
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 | $ 1,000,000,000 | 1,200,000,000 | $ 1,000,000,000 | |
Norwegian State [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Prepayments and financial receivables | 0 | 1,461,000,000 | ||
Trade and other receivables | 1,007,000,000 | 1,103,000,000 | ||
Non-current provisions and other liabilities | 850,000,000 | 2,072,000,000 | ||
Current finance debt | 893,000,000 | 0 | ||
Norwegian State [Member] | Gas sales activities [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade and other receivables | 100,000,000 | |||
Non-current provisions and other liabilities | 100,000,000 | |||
Norwegian State [Member] | Oil and gas assets [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases of of goods with related party | $ 10,100,000,000 | 12,600,000,000 | $ 9,600,000,000 | |
Folketrygdfondet [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Ownership interests held by shareholder | 3.60% | |||
SDFI [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Non-current provisions and other liabilities | $ 800,000,000 | 2,100,000,000 | ||
Current finance debt | $ 900,000,000 | $ 0 | ||
[1] Of which Trade receivables of USD 13,017 17,334 |
Related parties - Outstanding b
Related parties - Outstanding balances to related parties split on SDFI and other related parties (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | |||
Prepayments and financial receivables | $ 1,291 | $ 2,063 | |
Trade and other receivables | [1] | 16,933 | 22,452 |
Non-current provisions and other liabilities | 15,304 | 15,633 | |
Trade, other payables and provisions | 11,870 | 13,352 | |
Current finance debt | 5,996 | 4,359 | |
Related parties [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Current finance debt | 1,242 | 1,479 | |
Norwegian State's Direct Financial Interests [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Prepayments and financial receivables | 0 | 1,461 | |
Trade and other receivables | 1,007 | 1,103 | |
Non-current provisions and other liabilities | 850 | 2,072 | |
Trade, other payables and provisions | 1,195 | 1,419 | |
Current finance debt | 893 | 0 | |
Equity accounted associated companies and other related parties [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Prepayments and financial receivables | 103 | 61 | |
Trade and other receivables | 49 | 173 | |
Non-current provisions and other liabilities | 0 | 0 | |
Trade, other payables and provisions | 47 | 60 | |
Current finance debt | 0 | 0 | |
Third parties [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Prepayments and financial receivables | 1,188 | 541 | |
Trade and other receivables | 15,877 | 21,176 | |
Non-current provisions and other liabilities | 14,454 | 13,561 | |
Trade, other payables and provisions | 10,628 | 11,873 | |
Current finance debt | $ 5,103 | $ 4,359 | |
[1] Of which Trade receivables of USD 13,017 17,334 |
Financial instruments and fai_3
Financial instruments and fair value measurement - Classes of financial assets instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Asset [abstract] | |||
Noncurrent Derivative Financial Assets | $ 559 | $ 691 | |
Non-current financial investments | 3,441 | 2,733 | |
Prepayments and financial receivables | 1,291 | 2,063 | |
Trade and other receivables | [1] | 16,933 | 22,452 |
Current Derivative Financial Assets | 1,378 | 4,039 | |
Current financial investments | 29,224 | 29,876 | |
Cash and cash equivalents | [2] | 9,641 | 15,579 |
Total | 62,467 | 77,433 | |
Non-financial assets [Member] | |||
Asset [abstract] | |||
Prepayments and financial receivables | 950 | 404 | |
Trade and other receivables | 740 | 841 | |
Total | 1,690 | 1,245 | |
Amortised cost [Member] | |||
Asset [abstract] | |||
Non-current financial investments | 75 | 117 | |
Prepayments and financial receivables | 341 | 1,658 | |
Trade and other receivables | 16,193 | 21,611 | |
Current financial investments | 28,822 | 29,577 | |
Cash and cash equivalents | 7,767 | 12,473 | |
Total | 53,198 | 65,436 | |
Financial assets at fair value through profit or loss, category [Member] | |||
Asset [abstract] | |||
Noncurrent Derivative Financial Assets | 559 | 691 | |
Non-current financial investments | 3,366 | 2,616 | |
Current Derivative Financial Assets | 1,378 | 4,039 | |
Current financial investments | 402 | 300 | |
Cash and cash equivalents | 1,875 | 3,106 | |
Total | $ 7,580 | $ 10,752 | |
[1] Of which Trade receivables of USD 13,017 17,334 Includes collateral deposits of USD 1,572 participating. The corresponding figure for 2022 is 6,128 |
Financial instruments and fai_4
Financial instruments and fair value measurement - Classes of financial liabilities instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities [abstract] | ||
Non-current finance debt | $ 22,230 | $ 24,141 |
Non-current derivative financial instruments | 1,795 | 2,376 |
Trade and other payables | 11,870 | 13,352 |
Current finance debt | 5,996 | 4,359 |
Dividends payable | 2,649 | 2,808 |
Current Derivative Financial Liabilities | 1,619 | 4,106 |
Total | 46,159 | 51,142 |
Non-financial liabilities [Member] | ||
Liabilities [abstract] | ||
Trade and other payables | 819 | 903 |
Total | 819 | 903 |
Amortised cost [Member] | ||
Liabilities [abstract] | ||
Non-current finance debt | 22,230 | 24,141 |
Trade and other payables | 11,052 | 12,449 |
Current finance debt | 5,996 | 4,359 |
Dividends payable | 2,649 | 2,808 |
Total | 41,927 | 43,757 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Liabilities [abstract] | ||
Non-current derivative financial instruments | 1,795 | 2,376 |
Current Derivative Financial Liabilities | 1,619 | 4,106 |
Total | $ 3,414 | $ 6,482 |
Financial instruments and fai_5
Financial instruments and fair value measurement - Fair value heirarchy (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement [line items] | ||
Non-current derivative financial instruments - assets | $ 559 | $ 691 |
Current financial investments | 29,224 | 29,876 |
Current derivative financial instruments - assets | 1,378 | 4,039 |
Non-current derivative financial instruments - liabilities | (1,795) | (2,376) |
Current derivative financial instruments liabilities | (1,619) | (4,106) |
Fair value [Member] | ||
Disclosure of fair value measurement [line items] | ||
Non-current financial investments | 3,366 | 2,616 |
Non-current derivative financial instruments - assets | 559 | 691 |
Current financial investments | 402 | 300 |
Current derivative financial instruments - assets | 1,378 | 4,039 |
Cash equivalents | 1,875 | 3,106 |
Non-current derivative financial instruments - liabilities | (1,795) | (2,376) |
Current derivative financial instruments liabilities | (1,619) | (4,106) |
Net fair value | 4,166 | 4,270 |
Level 1 [Member] | ||
Disclosure of fair value measurement [line items] | ||
Non-current financial investments | 1,294 | 903 |
Non-current derivative financial instruments - assets | 0 | 0 |
Current financial investments | 0 | 0 |
Current derivative financial instruments - assets | 6 | 25 |
Non-current derivative financial instruments - liabilities | 0 | 0 |
Current derivative financial instruments liabilities | 0 | (60) |
Net fair value | 1,300 | 868 |
Level 2 [Member] | ||
Disclosure of fair value measurement [line items] | ||
Non-current financial investments | 1,528 | 1,222 |
Non-current derivative financial instruments - assets | 104 | 97 |
Current financial investments | 402 | 300 |
Current derivative financial instruments - assets | 1,195 | 3,722 |
Cash equivalents | 1,875 | 3,106 |
Non-current derivative financial instruments - liabilities | (1,754) | (2,352) |
Current derivative financial instruments liabilities | (1,577) | (3,952) |
Net fair value | 1,773 | 2,143 |
Level 3 [Member] | ||
Disclosure of fair value measurement [line items] | ||
Non-current financial investments | 543 | 491 |
Non-current derivative financial instruments - assets | 455 | 594 |
Current derivative financial instruments - assets | 177 | 292 |
Non-current derivative financial instruments - liabilities | (42) | (24) |
Current derivative financial instruments liabilities | (41) | (94) |
Net fair value | $ 1,092 | $ 1,259 |
Financial instruments and fai_6
Financial instruments and fair value measurement - Reconciliation of changes in fair value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Level 3 [Member] | ||
Disclosure of fair value measurement [line items] | ||
Total gains and losses recognised in statement of income, assets | $ (191) | $ 370 |
Financial instruments and fai_7
Financial instruments and fair value measurement - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | 11% | 12% |
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 | 1.30% | 1.20% |
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 | $ (191) | $ 370 |
The amount of increase (decrease) in the fair value of asset | (167) | 416 |
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 | $ 300 | $ 500 |
Subsequent event (Details)
Subsequent event (Details) | Mar. 31, 2024 | Jan. 31, 2024 |
Acquisition of interests [Member] | Empire Offshore Wind Holdings LLC [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Percentage of voting equity interests acquired | 50% | |
Acquisition of interests [Member] | Beacon Wind Holdings LLC [Member] | BP P.L.C. [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Percentage of voting equity interests acquired | 50% | |
Acquisition of interests [Member] | South Brooklyn Marine Terminal [Member] | Forecast [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Percentage of voting equity interests acquired | 50% | |
Disposal of interests [Member] | Beacon Wind Holdings LLC [Member] | Forecast [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Ownership interst anticipated to be derecognised | 50% |