| Significant accounting policies (Policies) | 12 Months Ended |
| Dec. 31, 2022 |
| Accounting policies [Abstract] | |
| Statement of compliance | Statement of compliance The Consolidated financial statements of Equinor ASA and its subsidiaries (Equinor) have been prepared in International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and International Accounting Standards Board (IASB), interpretations issued by IASB and the additional Accounting Act, effective on 31 December 2022. |
| Basis of preparation | Basis of preparation The Consolidated financial statements are prepared on the historical cost basis with some exceptions where fair is applied. These exceptions are specifically disclosed in the accounting policies sections in relevant notes. The policies described in these Consolidated financial statements have been applied consistently to otherwise noted in the disclosure related to the impact of policy changes following the voluntary changes in 2022. Certain amounts in the comparable years have been restated or reclassified to conform to current the Consolidated financial statements are denominated in USD millions, unless otherwise specified. The subtotals of the tables in the notes may not equal the sum of the amounts shown in the primary Operational expenses in the Consolidated statement of income are presented as a combination with industry practice. Purchases [net of inventory variation] and Depreciation, amortisation and net impairment on separate lines based on their nature, while Operating expenses and Selling, general Exploration expenses are presented on a functional basis. Significant expenses such as salaries, pensions, etc. nature in the notes to the Consolidated financial statements. |
| Basis of consolidation | Basis of consolidation The Consolidated financial statements include the accounts of Equinor ASA and its subsidiaries controlled and equity accounted investments. All intercompany balances and transactions, including unrealised arising from Equinor's internal transactions, have been eliminated. The Consolidated financial statements include all entities controlled by Equinor ASA. Entities are Equinor when Equinor has power over the entity, ability to use that power to affect the entity's returns, and exposure to, or rights to, variable returns from its involvement with the entity. The financial statements of the subsidiaries are included in the Consolidated financial statements from the date control is achieved until the date control ceases. Non-controlling interests are presented separately within equity in the Consolidated balance sheet. |
| Foreign currency translation | Foreign currency translation In preparing the financial statements of the individual entities in Equinor, transactions in currencies other than the functional currency are translated at the foreign exchange rate at the dates of the transactions. Monetary currencies are translated to the functional currency at the foreign exchange rate at the differences arising on translation are recognised in the Consolidated statement of income as foreign exchange Net financial items. However, foreign exchange differences arising from the translation of estimate-based provisions are generally accounted for as part of the change in the underlying estimate and included within the relevant items depending on the nature of the provision. Non-monetary assets measured at historical cost using the exchange rate at the date of the transactions. When preparing the Consolidated financial statements, the assets and liabilities of entities with functional Group’s presentation currency USD are translated into USD at the foreign exchange rate at the balance expenses of such entities are translated using the foreign exchange rates on the dates of the differences arising on translation from functional currency to USD are recognised separately in the comprehensive income within Other comprehensive income (OCI). The cumulative amount of such an entity is reclassified to the Consolidated statement of income and reflected as a part of the Loans from Equinor ASA to subsidiaries and equity accounted investments with other functional and for which settlement is neither planned nor likely in the foreseeable future, are considered part investment in the subsidiary. Foreign exchange differences arising on such loans are recognised in OCI in the Consolidated financial statements. |
| Statement of cashflows | Statement of cash flows In the statement of cash flows, operating activities are presented using the indirect method, where Income/(loss) for changes in inventories and operating receivables and payables, the effects of non-cash items such as depreciations, and impairments, provisions, unrealised gains and losses and undistributed profits from associates, and items for which the cash effects are investing or financing cash flows. Increase/decrease in financial investments, derivative financial instruments, and Increase/decrease in other interest-bearing items are all presented activities, either because the transactions are financial investments and turnover is quick, the amounts are short, or due to materiality. |
| Accounting judgement and key sources of estimation uncertainty | Accounting judgement and key sources of estimation uncertainty The preparation of the Consolidated financial statements requires management to make accounting assumptions affecting reported amounts of assets, liabilities, income and expenses. The main areas where Equinor has made significant judgements material effect on the amounts recognised in the Consolidated financial statements have been described in 6 – Acquisitions and disposals 7 – Total revenues and other income 25 – Leases Estimates used in the preparation of these Consolidated financial statements are prepared based on customised models, assumptions on which the estimates are based rely on historical experience, external sources of information that management assesses to be reasonable under the current conditions and circumstances. These the basis of making the judgements about carrying values of assets and liabilities sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an basis considering the current and expected future set of conditions. Equinor is exposed to several underlying economic factors affecting the overall results, such as commodity exchange rates, market risk premiums and interest rates as well as financial instruments with these factors. The effects of the initiatives to limit climate changes and the potential impact of the energy transition several of these economic assumptions. In addition, Equinor's results are influenced by the level may be influenced by, for instance, maintenance programmes. In the long-term, the results are impacted by the success of exploration, field developments and operating activities. The most important matters in understanding the key sources of estimation uncertainty are 3 – Consequences of initiatives to limit climate changes 11 – Income taxes 12 – Property, plant and equipment 13 – Intangible assets 14 – Impairments 23 – Provisions and other liabilities 26 – Other commitments, contingent liabilities and contingent assets |
| Changes in significant accounting policies in the current period [text block] | Changes in accounting policies in the current period Amendments to IAS 1 and IFRS practice statement 2: Replacing Significant accounting policies with Material policies IASB has issued amendments to IAS 1 Presentation of financial statements and IFRS Judgements. These amendments are intended to help entities apply materiality judgements to accounting provide additional guidance and illustrative examples. The amendments are effective for annual periods beginning on or January 2023. Earlier application is permitted, and Equinor has applied the amendments with statements. Accounting policy information should be considered material if its disclosure can reasonably be and therefore is needed to understand other information provided about material transactions, other financial statements. IASB has acknowledged that standardised information, or information that only duplicates requirements of the IFRS -standards, is generally less useful than entity-specific accounting policy information. information could be material in specific circumstances, Equinor has focused the accounting policy policy choices, disclosing only those accounting policies that are considered necessary to understand other material Consolidated financial statements of Equinor. Other standards, amendments to standards and interpretations of standards, effective Other amendments to standards or interpretations of standards effective as of 1 January 2022 and adopted material to Equinor’s Consolidated financial statements upon adoption. Other standards, amendments to standards, and interpretations of standards, issued but not yet effective, are either materially impact, or are not expected to be relevant to, Equinor's Consolidated financial statements upon |
| Cost of CO2 quotas | Accounting policies - c ost of CO 2 Purchased CO 2 incurred in line with emissions. Accruals for CO 2 reflected as a current liability within Trade, other payables and provisions. Quotas owned, but exceeding the emissions incurred to date, are carried in the balance sheet at cost price, classified as Other current receivables, as long as such purchased quotas are acquired in order to cover own emissions and may be kept to cover subsequent years’ emissions. Quotas purchased and held for trading purposes are carried in the balance sheet at fair value, and the changes in fair value are reflected in the Consolidated statement of income on the line-item Other income. Obligations resulting from current year emissions and the corresponding amounts for quotas that have been bought, paid and expensed, but which have not yet been surrendered to the relevant authorities, are reflected net in the balance sheet. |
| Segments | Accounting policies Equinor’s operations are managed through operating segments identified on the regularly reviewed by the chief operating decision maker, Equinor's corporate executive committee (CEC). The reportable segments Exploration & Production Norway (E&P Norway), Exploration & Production International (E&P USA (E&P USA), Marketing, Midstream & Processing (MMP) and Renewables operating segments Projects, Drilling & Procurement (PDP), Technology, Digital & Innovation (TDI) and Corporate staff and functions are aggregated into the reportable segment Other based on materiality. The majority of the costs in PDP and TDI is allocated to the three Exploration & Production segments, MMP and REN. The accounting policies of the reporting segments equal those described in these Consolidated line-item Additions to PP&E, intangibles and equity accounted investments in which movements obligations are excluded as well as provisions for onerous contracts which reflect only obligations measurement basis of segment profit is net operating income/(loss). Deferred tax assets, pension total current assets and total liabilities are not allocated to the segments. Transactions between the segments, mainly from the crude oil, gas, transactions are eliminated upon consolidation. With effect from 2022, Equinor changed the measurement basis for the segments related to leases. Up to leases were presented within the Other segment and lease costs were allocated to the payments with a corresponding credit in the Other segment. With effect from 2022, lease contracts are with IFRS 16 Leases in all segments. This change does not affect Equinor’s Consolidated financial disclosures in this note. Comparative numbers in the segments have been restated. ---------------------------------------------------------------------------------------------------------------------------------------- |
| Business combinations | Business combinations Business combinations, except for transactions between entities under common control, are accounted for method. The purchase price includes total consideration paid to acquire the entity’s assets and liabilities, as well consideration at fair value. The acquired identifiable assets, liabilities and contingent liabilities are the acquisition. Acquisition costs incurred are expensed under Selling, general and administrative of contingent consideration resulting from events after the acquisition date are recognised in under Other income. Equinor recognises a gain/loss on disposal of a subsidiary when control is lost. Any remaining recognised at fair value. When partially divesting subsidiaries which do not constitute a business, and where in the former subsidiary is an associate or a jointly controlled investment, Equinor only recognises within Other income or Operating expenses, respectively. The remaining interest in the former subsidiary is initially not remeasured, and subsequently accounted for using the equity method. Accounting judgement regarding acquisitions Determining whether an acquisition meets the definition of a business combination requires judgement to case basis. Acquisitions are assessed to establish whether the transaction represents a business and the conclusion may materially affect the financial statements both in the transaction period and subsequent assessments are performed upon the acquisition of an interest in a joint operation. Depending exploration and evaluation licences for which a development decision has not yet been made have represent asset purchases, while purchases of producing assets have largely been concluded to |
| Assets classified as held for sale | After-tax disposals On the NCS, all disposals of assets are performed including the tax base (after-tax). Any gain previously recognised related to the assets in question and is recognised in full in Other income in income. Assets classified as held for sale Non-current assets are classified separately as held for sale in the Consolidated balance sheet when condition is met when an asset is available for immediate sale in its present condition, sale, and the sale is expected to be completed within one year from the date normally met when management has approved a negotiated letter of intent with the associated with the assets classified as held for sale and expected to be included as part of the separately. The net assets and liabilities of a disposal group classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Accounting judgement regarding partial divestments The policy regarding partial divestments of subsidiaries is based on careful consideration of the Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures. The conclusion requires judgement to be applied on a case-by-case basis, considering the substance of the transactions. In evaluating acknowledges pending considerations related to several relevant and similar issues which have anticipation of concurrent consideration at a later date. Where assets are transferred into separate legal portion of the entities’ shares being sold to a third party, thereby resulting in Equinor’s loss of control of those asset-owning subsidiaries, and where investments in joint ventures are established simultaneously, Equinor has concluded to only recognise the gain on the divested portion. |
| Revenue recognition | Accounting policies Revenue recognition Equinor presents Revenue from contracts with customers and Other revenue as a single caption, statement of income. Revenue from contracts with customers Revenue from the sale of crude oil, natural gas, petroleum products and other merchandise is recognised control of those products, which normally is when title passes at point of delivery, based on the contractual terms of the agreements. Each such sale normally represents a single performance obligation. In the case of natural gas, basis through pipelines, sales are completed over time in line with the delivery of the actual physical quantities. Sales and purchases of physical commodities are presented on a gross basis as Revenues from contracts Purchases [net of inventory variation] respectively in the Consolidated statement of income. When instruments or part of Equinor’s trading activities, they are settled and presented to note 28 Financial instruments and fair value measurement for a description of accounting policies Equinor’s own produced oil and gas volumes are always reflected gross as Revenue Revenues from the production of oil and gas in which Equinor shares an interest with other volumes lifted and sold to customers during the period (the sales method). Where Equinor ownership interest, an accrual is recognised for the cost of the overlift. Where Equinor has lifted and sold less interest, costs are deferred for the underlift. Other revenue Items representing a form of revenue, or which are related to revenue from contracts with customers, if they do not qualify as revenue from contracts with customers. These other revenue production sharing agreements (PSAs) and the net impact of commodity trading and commodity-based derivative to sales contracts or revenue-related risk management. Transactions with the Norwegian State Equinor markets and sells the Norwegian State's share of oil and gas production from the Norwegian State's participation in petroleum activities is organised through the SDFI (the Norwegian State’s Direct Interests). All purchases and sales of the SDFI's oil production are classified as purchases [net of from contracts with customers, respectively. Equinor sells, in its own name, but for the SDFI’s account and risk, the SDFI’s production of natural gas. These gas sales expenditures refunded by the SDFI are presented net in the Consolidated financial statements. Natural gas Equinor’s subsidiaries are also presented net of the SDFI’s share in the Consolidated statement of income, gross in the Consolidated balance sheet. Accounting judgement related to transactions with the Norwegian State Whether to account for the transactions gross or net involves the use of significant accounting Equinor has considered whether it controls the State-originated crude oil volumes prior to onwards Equinor directs the use of the volumes, and although certain benefits from the sales subsequently purchases the crude oil volumes from the SDFI and obtains substantially all the remaining benefits. On concluded that it acts as principal in these sales. Regarding gas sales, Equinor concluded that ownership of the gas had not been transferred from Equinor has been granted the ability to direct the use of the volumes, all the benefits from the sales On that basis, Equinor is not considered the principal in the sale of the SDFI’s natural gas volumes. Reference is made to note 27 Related parties for detailed financial information regarding transactions SDFI. ---------------------------------------------------------------------------------------------------------------------------------------- |
| Income tax | Accounting policies Income tax Income tax in the Consolidated statement of income comprises current and deferred tax expense. Consolidated statement of income except when it relates to items recognised in OCI. Current tax consists of the expected tax payable on the taxable income for the year and any years. Uncertain tax positions and potential tax exposures are analysed individually. The outcomes of tax disputes are mostly binary in nature, and in each case the most likely amount for probable liabilities to be paid (including (disputed tax positions for which payment has already been made) is recognised within Current tax Uplift benefit on the NCS is recognised when the deduction is included in the Deferred tax assets and liabilities are recognised for the future tax consequences attributable to amounts of existing assets and liabilities and their respective tax bases, and on unused tax losses to the initial recognition exemption. A deferred tax asset is recognised only to the extent that it will be available against which the asset can be utilised. For a deferred tax asset to be recognised convincing evidence is required, considering the existence of contracts, production of oil or gas in the expected reserves, observable prices in active markets, expected volatility of trading profits, movements and similar facts and circumstances. When an asset retirement obligation or a lease contract is initially reflected in the accounts, a deferred deferred tax asset are recognised simultaneously and accounted for in line with other deferred tax with an amendment to IAS 12 Income Taxes, reducing the scope of the initial recognition exemption, which is effective from 1 January 2023. Estimation uncertainty regarding income tax Equinor incurs significant amounts of income taxes payable to various jurisdictions and may tax assets and deferred tax liabilities. There may be uncertainties related to interpretations regarding amounts in Equinor’s tax returns, which are filed in a number take several years to complete the discussions with relevant tax authorities or to reach resolutions through litigation. The carrying values of income tax related assets and liabilities are based on Equinor's interpretations and relevant court decisions. The quality of these estimates, including the most likely outcomes dependent upon proper application of at times very complex sets of rules, the recognition of case of deferred tax assets, management's ability to project future earnings from activities that may apply loss carry against future income taxes. Climate-related matters and the transition to carbon-neutral the uncertainty in determining key business assumptions used to assess the recoverability of future taxable income before tax losses expire. ----------------------------------------------------------------------------------------------------------------------------------- |
| Property, plant and equipment | Property, plant and equipment Property, plant and equipment is reflected at cost, less accumulated depreciation and impairment. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, of an asset retirement obligation, exploration costs transferred from intangible assets and, for Proceeds from production ahead of a project’s final approval are regarded as ‘early production’ and is than as a reduction of acquisition cost. Contingent consideration included in the acquisition initially measured at its fair value, with later changes in fair value other than due the asset or group of assets, unless the asset is impaired. Property, plant and equipment include costs relating to expenditures incurred under the terms of production sharing agreements (PSAs) in certain countries, and which qualify for Equinor. State-owned entities in the respective countries, however, normally hold the legal title to such PSA-based property, plant and equipment. Expenditure on major maintenance refits or repairs comprises the cost of replacement assets overhaul costs. Inspection and overhaul costs, associated with regularly scheduled major maintenance carried out at recurring intervals exceeding one year, are capitalised and amortised over the period to the next scheduled inspection and overhaul. All other maintenance costs are expensed as incurred. Capitalised exploration and evaluation expenditures, development expenditure on the construction, infrastructure facilities such as platforms, pipelines and the drilling of production wells, and field-dedicated transport and gas are capitalised as Producing oil and gas properties within Property, plant and equipment. Such capitalised costs, when designed for significantly larger volumes than the reserves from already developed and producing unit of production method (UoP) based on proved reserves expected to be recovered from the period. Depreciation of production wells uses the UoP method based on proved developed reserves, of proved properties are depreciated using the UoP method based on total proved reserves. In the of proved reserves fails to provide an appropriate basis reflecting the pattern in which the expected to be consumed, a more appropriate reserve estimate is used. Depreciation of other assets several fields is calculated on the basis of their estimated useful lives, normally using the straight-line method. property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately. For exploration and production assets, Equinor has established separate depreciation categories which between platforms, pipelines and wells. The estimated useful lives of property, plant and equipment are reviewed on an annual basis, and changes in useful lives are accounted for prospectively. An item of property, plant and equipment is derecognised upon disposal. Any gain or loss arising on derecognition of the asset is included in Other income or Operating expenses, respectively, in the period the item is derecognised. Monetary or non-monetary grants from governments, when related to property, plant and equipment and considered reasonably certain, are recognised in the Consolidated balance sheet as a deduction to the carrying recognised in the Consolidated statement of income over the life of the depreciable asset |
| Research and development [text block] | Research and development Equinor undertakes research and development both on a funded basis for licence holders and on own risk, developing innovative technologies to create opportunities and enhance the value of current relate both to in-house resources and the use of suppliers. Equinor's own share of the licence the unfunded projects are considered for capitalisation under the applicable IFRS capitalised development costs are accounted for in the same manner as Property, plant and equipment. Costs not qualifying for capitalisation are expensed as incurred, see note 9 Auditor’s remuneration details. Estimation uncertainty regarding determining oil and gas reserves Reserves quantities are, by definition, discovered, remaining, recoverable and economic. Recoverable oil and always uncertain. Estimating reserves is complex and based on a high degree of professional judgement engineering assessments of in-place hydrocarbon volumes, the production, historical recovery and processing installed plant operating capacity. The reliability of these estimates depends on both the quality and availability of the technical and economic data and the efficiency of extracting and processing the hydrocarbons. Estimation uncertainty; Proved oil and gas reserves Proved oil and gas reserves may impact the carrying amounts of oil and gas producing impact the unit of production rates used for depreciation and amortisation. Proved oil and gas gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable from a given date forward, from known reservoirs, and under existing economic conditions, operating regulations. Unless evidence indicates that renewal is reasonably certain, estimates of proved reserves the contracts providing the right to operate expire. For future development projects, proved reserves where there is a significant commitment to project funding and execution and when relevant governmental have been secured or are reasonably certain to be secured. Proved reserves are divided into proved developed and proved undeveloped reserves. Proved developed recovered through existing wells with existing equipment and operating methods, or where the relatively minor compared to the cost of a new well. Proved undeveloped reserves are to acreage, or from existing wells where a relatively major capital expenditure is required. Undrilled having proved undeveloped reserves if a development plan is in place indicating that they are scheduled unless specific circumstances justify a longer time horizon. Specific circumstances are for instance fields which investments in offshore infrastructure, such as many fields on the NCS, where drilling of wells is scheduled longer than five years. For unconventional reservoirs where continued drilling of new wells is a major part of the the US onshore assets, the proved reserves are always limited to proved well locations Proved oil and gas reserves have been estimated by internal qualified professionals based on industry the oil and gas rules and disclosure requirements in the U.S. Securities and Exchange Commission and the Financial Accounting Standards Board (FASB) requirements for supplemental oil and gas disclosures. The estimates have been based on a 12-month average product price and on existing economic conditions and operating recovery of the estimated quantities have a high degree of certainty (at least a 90% probability). evaluated Equinor's proved reserves estimates, and the results of this evaluation do not differ materially from Equinor's Estimation uncertainty; Expected oil and gas reserves Changes in the expected oil and gas reserves may materially impact the amounts of asset of timing of the removal activities. It will also impact value-in-use calculations for oil and gas assets, testing and the recognition of deferred tax assets. Expected oil and gas reserves are the estimated recoverable quantities, based on Equinor's judgement of future economic conditions, from projects in development. As per Equinor’s internal guidelines, expected reserves are defined on a stochastic prediction approach. In some cases, a deterministic prediction method is used, in which are the deterministic base case or best estimate. Expected reserves are therefore typically larger the SEC, which are high confidence estimates with at least a 90% probability of recovery Expected oil and gas reserves have been estimated by internal qualified professionals based on industry accordance with the Norwegian resource classification system issued by the Norwegian Petroleum |
| Intangible assets including goodwill | Intangible assets including goodwill Intangible assets are stated at cost, less accumulated amortisation and impairment. Intangible and gas prospects, expenditures on the exploration for and evaluation of oil and natural gas resources, assets. Intangible assets relating to expenditures on the exploration for and evaluation of oil amortised. When the decision to develop a particular area is made, related intangible reclassified to Property, plant and equipment. Goodwill acquired in a business combination is allocated to each cash generating unit (CGU), or from the combination’s synergies. Following initial recognition, goodwill is measured at cost less any accumulated impairment In acquisitions made on a post-tax basis according to the rules on the NCS, a provision based on the difference between the acquisition cost and the tax depreciation basis transferred from the seller. The offsetting entry to such deferred tax amounts is reflected as goodwill, which is allocated to the CGU or group the deferred tax has been computed. Other intangible assets with a finite useful life, are depreciated over their useful life using the straight-line |
| Oil and gas exploration, evaluation and development expenditures [text block] | Oil and gas exploration, evaluation and development expenditures Equinor uses the successful efforts method of accounting for oil and gas exploration costs. Expenditures to acquire in oil and gas properties, including signature bonuses, expenditures to drill and equip exploratory wells are capitalised within Intangible assets as Exploration expenditures and Acquisition costs - oil and gas geophysical costs and other exploration and evaluation expenditures are expensed as incurred. Exploration wells that discover potentially economic quantities of oil and natural gas remain evaluation phase of the discovery. This evaluation is normally finalised within one year after well completion. If, following the evaluation, the exploratory well has not found potentially commercial quantities of hydrocarbons, evaluated for derecognition or tested for impairment. Any derecognition or impairment is Consolidated statement of income. Capitalised exploration and evaluation expenditures related to offshore wells that find proved reserves, are transferred to Property, plant and equipment at the time of sanctioning of the development project. The timing from evaluation sanctioned could take several years depending on the location and maturity, including existing infrastructure, of the area of discovery, whether a host government agreement is in place, the complexity of the project and the onshore wells where no sanction is required, the transfer to Property, plant and equipment occurs at the time when a well is ready for production. For exploration and evaluation asset acquisitions (farm-in arrangements) in which Equinor has decided to fund partner's exploration and/or future development expenditures (carried interests), these expenditures are reflected financial statements as and when the exploration and development work progresses. Equinor reflects exploration and evaluation asset disposals (farm-out arrangements) on a historical cost basis with no gain recognition. Consideration from the sale of an undeveloped part of an asset reduces the carrying consideration exceeds the carrying amount of the asset, the excess amount is reflected in the under Other income. Equal-valued exchanges (swaps) of exploration and evaluation assets with are accounted for at the carrying amounts of the assets given up with no gain or loss recognition. Estimation uncertainty regarding exploration activities Exploratory wells that have found reserves, but where classification of those reserves as expenditure can be justified, will remain capitalised during the evaluation phase for the findings on the will be considered a trigger for impairment evaluation of the well if no development decision is moreover are no concrete plans for future drilling in the licence. Judgements as to whether these capitalised, be derecognised or impaired in the period may materially affect the carrying values of these assets and consequently, the operating income for the period. |
| Impairment of property, plant and equipment, right-of-use assets and intangible assets including goodwill | Accounting policies Impairment of property, plant and equipment, right-of-use assets and intangible assets including goodwill Equinor assesses individual assets or groups of assets for impairment whenever events or changes in carrying value of an asset may not be recoverable. Assets are grouped into cash generating units (CGUs) which identifiable groups of assets that generate cash inflows that are largely independent of the Normally, separate CGUs are individual oil and gas fields or plants. Each unconventional asset play is considered a single CGU when no cash inflows from parts of the play can be reliably identified as being largely independent play. In impairment evaluations, the carrying amounts of CGUs are determined on a basis consistent with that of the recoverable amount. Unproved oil and gas properties are assessed for impairment when facts and circumstances asset or CGU to which the unproved properties belong may exceed its recoverable amount, wells that have found reserves, but where classification of those reserves as proved depends on can be justified or where the economic viability of that major capital expenditure depends on the exploration work, will remain capitalised during the evaluation phase for the exploratory finds. If, well has not found proved reserves, the previously capitalised costs are tested for impairment. After the well, it will be considered a trigger for impairment testing of a well if no development is no firm plan for future drilling in the licence. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances may be impaired. Impairment is determined by assessing the recoverable amount of the CGU, relates. When impairment testing goodwill originally recognised as an offsetting item to the computed deferred tax transaction on the NCS, the remaining amount of the deferred tax provision will factor Impairment losses and reversals of impairment losses are presented in the Consolidated statement expenses or Depreciation, amortisation and net impairment losses, on the basis of the nature of the impaired exploration assets (intangible exploration assets) or development and producing assets (property, plant and equipment and other intangible assets), respectively. Measurement The recoverable amount applied in Equinor’s impairment assessments is normally estimated value assets’ fair value less cost of disposal as the recoverable amount when such a value is available, recent and comparable transaction. Value in use is determined using a discounted cash flow model. The estimated future cash flows are based on reasonable and supportable assumptions and represent management's best estimates of the range of economic remaining useful life of the assets, as set down in Equinor's most recently approved forecasts. Assumptions in establishing the forecasts are reviewed by management on a regular basis and updated at least annually. For assets and CGUs with an expected useful life or timeline for production of expected oil and natural gas reserves planned onshore production from shale assets with a long development and production horizon, the forecasts production volumes, and the related cash flows include project or asset specific estimates reflecting estimates are established based on Equinor's principles and assumptions and are consistently applied. The estimated future cash flows are adjusted for risks specific to the asset or CGU and discounted which is based on Equinor's post-tax weighted average cost of capital (WACC). Country risk specific to a project is included as a monetary adjustment to the projects’ cash flow. Equinor considers country risk primarily as an unsystematic risk. The cash flow is adjusted for risk that influences the expected cash flow of a project and which is not part of the discount rates in determining value in use does not result in a materially different determination of the need for, or the amount of, impairment that would be required if pre-tax discount rates had been used. Impairment reversals A previously recognised impairment loss is reversed only if there has been a change in the estimates used to recoverable amount since the last impairment loss was recognised. A reversal cannot exceed the CGU that would have been reflected, net of depreciation, if no impairment loss had been recognised unsuccessful wells is reversed only to the extent that conditions for impairment are no longer present. impairments of goodwill are not reversed in future periods. Estimation uncertainty regarding impairment Evaluating whether an asset is impaired or if an impairment should be reversed requires a large extent depend upon the selection of key assumptions about the future. In Equinor's determining what constitutes a CGU. Development in production, infrastructure solutions, markets, product actions and other factors may over time lead to changes in CGUs such as splitting one original CGU The key assumptions used will bear the risk of change based on the inherent volatile nature of macro-economic commodity prices and discount rates, and uncertainty in asset specific factors such as reserve impacting the production profile or activity levels for our oil and natural gas properties. Changes in foreign will also affect value in use, especially for assets on the NCS, where the functional currency is NOK. When estimating amount, the expected cash flow approach is applied to reflect uncertainties in timing and amounts inherent the estimated future cash flows. For example, climate-related matters (see also Note 3 Consequences of initiatives changes) are expected to have a pervasive effect on the energy industry, affecting not only supply, demand and commodity prices, but also technology changes, increased emission-related levies, effects have been factored into the price assumptions used for estimating future cash flows using analyses. The estimated future cash flows, reflecting Equinor’s, market participants’ and other external and discounted to their present value, involve complexity. In order to establish relevant future cash flows, impairment testing requires long-term assumptions to be made concerning a number of economic factors such as future market prices, currency exchange rates and future output, discount rates, impact of the timing of tax incentive risk among others. Long-term assumptions for major economic factors are made at a group level, and reasoned judgement involved in establishing these assumptions, in determining other relevant factors estimating production outputs, and in determining the ultimate terminal value of an asset. |
| Joint arrangements and associates | Accounting policies Joint operations and similar arrangements, joint ventures and associates A joint arrangement is a contractual arrangement whereby Equinor and other parties undertake an when decisions about the relevant activities require the unanimous consent of the parties classified as either joint operations or joint ventures. In determining the appropriate classification, Equinor products and markets of the arrangements and whether the substance of the agreements is substantially all the arrangement's assets and obligations for the liabilities, or whether the parties involved have assets of the arrangement. Equinor accounts for its share of assets, liabilities, revenues accordance with the principles applicable to those particular assets, liabilities, revenues and expenses. Those of Equinor's exploration and production licence activities that are within the scope classified as joint operations. A considerable number of Equinor's unincorporated joint exploration conducted through arrangements that are not jointly controlled, either because unanimous consent is not involved, or no single group of parties has joint control over the activity. Licence activities where control can be achieved through agreement between more than one combination of involved parties are considered to be outside activities are accounted for on a pro-rata basis using Equinor's ownership share. Currently, Equinor uses IFRS 11 by analogy for all such unincorporated licence arrangements whether these are in scope of IFRS 11 or not. Reference is made to note 5 Segments for financial information related to Equinor’s participation in joint operations within Joint ventures, in which Equinor has rights to the net assets, are accounted for using the equity method. These majority of Equinor’s investments in the Renewables (REN) operating and reporting arrangements that are joint ventures and investments in companies in which Equinor has neither ability to exercise significant influence over operating and financial policies, are classified as Under the equity method, the investment is carried on the Consolidated balance sheet at cost Equinor’s share of net assets of the entity, less distributions received and less any impairment in value of the investment. The part of an equity accounted investment’s dividend distribution exceeding the entity’s carrying amount in the Consolidated balance sheet reflected as income from equity accounted investments in the Consolidated statement of income. reflect the share of net profit in the investment that exceeds the dividend already reflected as income. The income reflects Equinor’s share of the results after tax of an equity accounted entity, adjusted to account for depreciation, amortisation and any impairment of the equity accounted entity’s assets based on their fair values at the date of acquisition. Net equity accounted investments is presented as part of Total revenues and other income, as investments in and participation with significant influence in other companies engaged in energy-related business activities is considered to be operating activities. Acquisition of ownership shares in joint ventures and other equity accounted investments in which the are accounted for in accordance with the requirements applicable to business combinations. Please disposals for more details on acquisitions. Equinor as operator of joint operations and similar arrangements Indirect operating expenses such as personnel expenses are accumulated in cost pools. These costs incurred basis to business areas and Equinor-operated joint operations under IFRS 11 and to similar arrangements (licences) outside the scope of IFRS 11. Costs allocated to the other partners' share of operated joint operations and similar arrangements are reimbursed and only Equinor's share of the statement of income and balance sheet items related and similar arrangements are reflected in the Consolidated statement of income and the Consolidated ----------------------------------------------------------------------------------------------------------------------------- |
| Inventories | Accounting policies Inventories Commodity inventories not held for trading purposes are stated at the lower of cost and net realisable first-in first-out method and comprises direct purchase costs, cost of production, transportation, and manufacturing effect from 2022, due to the evolving trading business in the Group, fair value less cost to sell (FVLCS) measurement basis for commodity inventories held for trading purposes, with subsequent changes in Consolidated statement of income under Other revenues. These inventories are categorised within level Comparative numbers have not been restated due to materiality. |
| Cash and cash equivalents | Accounting policies Cash and cash equivalents are accounted for at amortised cost and include cash in hand, current institutions, and short-term highly liquid investments that are readily convertible to known amounts insignificant risk of changes in fair value and have a maturity of three months or less from the mandatory deposits in escrow bank accounts are included as restricted cash if the deposits are operating activities and therefore are deemed as held for the purpose of meeting short ‑ term cash commitments, and the deposits can be released from the escrow account without undue expenses. |
| Share buyback policy | Accounting policies Share buy-back Where Equinor has either acquired own shares under a share buy-back programme or party for Equinor shares to be acquired in the market, such shares are reflected shares are not included in the weighted average number of ordinary shares outstanding in the remaining outstanding part of an irrevocable order to acquire shares is accrued for and classified as Trade, other payables and provisions. |
| Pensions | Accounting policies Equinor has pension plans for employees that either provide a defined pension benefit upon retirement or a defined contributions and related returns. A portion of the contributions are provided increases with a promised notional return, set equal to the actual return of assets invested through plan. For defined benefit plans, the benefit to be received by employees generally service, retirement date and future salary levels. Equinor's proportionate share of multi-employer defined benefit plans is recognised as liabilities in the Consolidated sufficient information is considered available, and a reliable estimate of the obligation can be made. The cost of pension benefit plans is expensed over the period that the employees render benefits. The calculation is performed by an external actuary. Equinor's net obligation from defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned current and prior periods. That benefit is discounted to determine its present value, and the fair The discount rate is the yield at the balance sheet date, reflecting the maturity dates approximating On 31 December 2022, the discount rate for the defined benefit plans in Norway was established mortgage covered bonds interest rate extrapolated on a yield curve which matches the duration of earned benefits, which was calculated to be 13.5 years at the end of 2022. The present related current service cost and past service cost are measured using the projected unit credit wage growth, expected rate of pension increase and the expected increase of social security base agreed regulation in the plans, historical observations, future expectations of the assumptions and assumptions. For members in Norway, the mortality table K2013, issued by The Financial Supervisory Authority of Norway, is used as the best mortality estimate. Social security tax is calculated based on a pension plan's net funded status benefit obligation. The recognition of a net surplus for the funded plan is based on the assumption that the net Equinor, either as a possible distribution to premium fund which can be used for future funding of new liabilities, or as disbursement of equity in the pension fund. The net interest related to defined benefit plans is calculated by applying the discount rate to obligation and is presented in the Consolidated statement of income within Net financial interest income and actual return is recognised in the Consolidated statement of comprehensive Actuarial gains and losses are recognised in full in the Consolidated statement of comprehensive income occur, while actuarial gains and losses related to provision for termination benefits are recognised in the Consolidated statement of income in the period in which they occur. Due to the parent company Equinor ASA's functional currency being USD, the significant part of Equinor's pension obligations will be payable in a foreign currency (i.e. NOK). As related to the parent company's pension obligations include the impact of exchange rate fluctuations. Contributions to defined contribution schemes are recognised in the Consolidated statement of income in which the contribution amounts are earned by the employees. Notional contribution plans, reported in the parent company Equinor ASA, are recognised as Pension the notional contributions and promised return at reporting date. Notional contributions are recognised of income as periodic pension cost, while changes in fair value of the employees’ notional assets statement of income under Net financial items. Periodic pension cost is accumulated in cost pools and allocated to business areas and Equinor’s on an hours’ incurred basis and recognised in the Consolidated statement of income based on |
| Asset retirement obligations (ARO) | Accounting policies Asset retirement obligations (ARO) Provisions for asset retirement obligations (ARO) are recognised when Equinor has an obligation and remove a facility or an item of property, plant and equipment and to restore the site on which it is located, and when a reliable estimate of that liability can be made. Normally an obligation arises for a new facility, such as an oil and natural gas production or transportation facility, upon construction or installation. An obligation may also arise during the period of operation of a facility through a change in legislation or through a decision to terminate operations or be based on commitments use of pipeline transport systems where removal obligations rest with the volume shippers. The amount recognised is the present value of the estimated future expenditures determined in accordance requirements. The cost is estimated based on current regulations and technology, considering relevant risks and uncertainties. The discount rate used in the calculation of the ARO is a market-based risk-free rate based the underlying cash flows. The provisions are classified under Provisions in the Consolidated When a provision for ARO is recognised, a corresponding amount is recognised to increase the and is subsequently depreciated as part of the property, plant and equipment. Any change in the present value of the estimated expenditure is reflected as an adjustment to the provision and the corresponding property, plant and equipment. When a decrease in the ARO related to a producing asset exceeds the carrying amount of the asset, the excess is Depreciation, amortisation and net impairment losses in the Consolidated statement of income. of its useful life, all subsequent changes to the ARO are recognised as they occur statement of income. Removal provisions associated with Equinor's role as shipper of volumes through third party transport systems incurred. Estimation uncertainty regarding asset retirement obligations Establishing the appropriate estimates for such obligations are based on historical knowledge combined with technological developments, expectations about future regulatory and technological development and judgement and an inherent risk of significant adjustments. The costs of decommissioning and to changes in current regulations and technology while considering relevant risks and uncertainties. many years into the future, and the removal technology and costs are constantly changing. The energy sources may also influence the production period, hence the timing of the removal activities. assumptions of norms, rates and time required which can vary considerably depending on the Moreover, changes in the discount rate and foreign currency exchange rates may impact the estimates significantly. As a result, the initial recognition of ARO and subsequent adjustments involve the application of significant |
| Leases | Accounting policies Leases A lease is defined as a contract that conveys the right to control the use of an identified asset for consideration. At the date at which the underlying asset is made available for Equinor, the present value of future lease (including extension options considered reasonably certain to be exercised) is recognised as a lease liability. The present value is calculated using Equinor’s incremental borrowing rate. A corresponding right-of-use payments and direct costs incurred at the commencement date. Lease payments are reflected as interest lease liabilities. The RoU assets are depreciated over the shorter of each contract’s term and the Short term leases (12 months or less) and leases of low value assets (regarded as such when over the lease term do not exceed USD 500.000) are expensed or (if appropriate) capitalised as which the leased asset is used. Many of Equinor’s lease contracts, such as rig and vessel leases, involve several additional personnel cost, maintenance, drilling related activities, and other items. For a number of these represent a not inconsiderable portion of the total contract value. Non-lease components within lease contracts separately for all underlying classes of assets and reflected in the relevant expense category or (if incurred, depending on the activity involved. Accounting judgement regarding leases In the oil and gas industry, where activity frequently is carried out through joint arrangements or similar arrangements, the application of IFRS 16 Leases requires evaluations of whether the joint arrangement or its operator is the consequently whether such contracts should be reflected gross (100%) in the operator’s joint operation partner’s proportionate share of the lease. In many cases where an operator is the sole signatory to a lease contract of an asset to operation, the operator does so implicitly or explicitly on behalf of the joint arrangement. In certain jurisdictions, Equinor as this includes the Norwegian continental shelf (NCS), the concessions granted by the an obligation for the operator to enter into necessary agreements in the name of the joint operations As is the customary norm in upstream activities operated through joint arrangements, the operator lessor, and subsequently re-bill the partners for their share of the lease costs. In each such instance, it is necessary to determine whether the operator is the sole lessee in the external lease arrangement, and if sub-leases, or whether it is in fact the joint arrangement which is the lessee, with each share of the lease. Where all partners in a licence are considered to share the primary responsibility for lease contract, Equinor’s proportionate share of the related lease liability and RoU asset will considered to have the primary responsibility for the full external lease payments, the lease liability is recognised Equinor derecognises a portion of the RoU asset equal to the non-operator’s financial lease receivable, if a financial sublease is considered to exist between Equinor and the licence. typically exist where Equinor enters into a contract in its own name, has the primary responsibility for underlying asset will only be used on one specific licence, and the costs and risks related to the specific licence. Depending on facts and circumstances in each case, the conclusions reached jurisdictions. |
| Other commitments, contingent liabilities and contingent assets | Accounting policies Estimation uncertainty regarding levies Equinor’s global business activities are subject to different indirect taxes in various jurisdictions around the world. In these jurisdictions, governments can respond to global or local development, including climate related matters and public fiscal balances, by issuing new laws or other regulations stipulating changes in value added tax, tax on emissions, customs duties or other levies which may affect profitability and even the viability of Equinor’s business in that jurisdiction. Equinor mitigates this risk by using local legal representatives and staying up to date with the legislation in the jurisdictions where activities are carried out. Occasionally, legal disputes arise from difference in interpretations. Equinor’s legal department, together with local legal representatives, estimate the outcome from such legal disputes based on first-hand knowledge. Such estimates may differ from the actual results. |
| Financial assets | Financial assets Financial assets are initially recognised at fair value when Equinor becomes a party to the contractual provisions subsequent measurement of the financial assets depends on which category they have been investments at amortised cost, at fair value through profit or loss, and at fair value through classification is based on an evaluation of the contractual terms and the business model Short-term highly liquid investments with original maturity exceeding 3 months are classified as financial investments are primarily accounted for at amortised cost but also at fair value through profit or loss, classification. Trade receivables are carried at the original invoice amount less a provision for doubtful receivables which represent expected losses computed on a probability-weighted basis. A part of Equinor's financial investments is managed together as an investment portfolio is held in order to comply with specific regulations for capital retention. The investment portfolio value basis in accordance with an investment strategy and is accounted for at fair value through profit or loss. Financial assets are presented as current if they contractually will expire or otherwise are expected after the balance sheet date, or if they are held for the purpose of being traded. Financial separately in the Consolidated balance sheet, unless Equinor has both a legal right and a demonstrable balances payable to and receivable from the same counterparty. Financial assets are derecognised when rights to cash flows and risks and rewards transaction or the contractual rights to the cash flows expire, are redeemed, or cancelled. Gains settlement or cancellation of financial assets are recognised within Net financial items. |
| Financial liabilities | Financial liabilities Financial liabilities are initially recognised at fair value when Equinor becomes a party to subsequent measurement of financial liabilities is either as financial liabilities at fair value through measured at amortised cost using the effective interest method, depending on classification. The latter current bank loans and bonds. Financial liabilities are presented as current if the liability is expected to be settled as liability is due to be settled within 12 months after the balance sheet date, Equinor does liability more than 12 months after the balance sheet date, or if the liabilities are held for the Financial liabilities are derecognised when the contractual obligations are settled, or if they expire, and losses arising on the repurchase, settlement or cancellation of liabilities are recognised within Net |
| Derivative financial instruments | Derivative financial instruments Equinor uses derivative financial instruments to manage certain exposures to fluctuations in foreign rates and commodity prices. Such derivative financial instruments are initially recognised at derivative contract is entered into and are subsequently remeasured at fair value through profit based derivative financial instruments is recognised in the Consolidated statement of income as instruments are related to sales contracts or revenue-related risk management for all significant purposes. The impact derivative financial instruments is reflected under Net financial items. Derivatives are carried as assets when the fair value is positive and as liabilities when liabilities expected to be settled, or with the legal right to be settled more than 12 months after as non-current. Derivative financial instruments held for the purpose of being traded are however Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instruments. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with Equinor's expected purchase, sale or usage requirements, accounted for as financial instruments. Such sales and purchases of physical commodity statement of income as Revenue from contracts with customers and Purchases [net of inventory applicable to a significant number of contracts for the purchase or sale of crude oil and natural gas, delivery. For contracts to sell a non-financial item that can be settled net in cash, but which ultimately qualifying as own use prior to settlement, the changes in fair value are included in Gain/loss on revenues, see note 7 Total revenues and other income). When these derivatives are physically settled, the previously recognised unrealised gain/loss is included in Physically settled commodity derivatives (also part of Other revenues). made through such contracts are included in Revenue from contracts with customers at Derivatives embedded in host contracts which are not financial assets within the scope derivatives and are reflected at fair value with subsequent changes through profit and characteristics are not closely related to those of the host contracts, and the host contracts are not an active market for a commodity or other non-financial item referenced in a purchase or sale contract, a instance, be considered to be closely related to the host purchase or sales contract in question. A price formula with indexation to other markets or products will however result in Where there is no active market for the commodity or other non-financial item in question, Equinor such a price related embedded derivative to be closely related to the host contract if the price formula commonly used by other market participants. This applies to certain long-term natural gas sales |
