Includes sale of Lundin shares in the second quarter of 2020 .
Repayment of lease liabilities are separated from the line item Repayment of finance debt and 2020 has been reclassified.
At 30 June 2021 cash and cash equivalents included a net overdraft of USD 7 million. At 31 December 2020 and at 30 June 2020 cash and cash equivalents net overdraft were zero .
Second quarter 2021 includes redetermination settlement for the Agbami field. For more information see note 7 Provisions, commitments, contingent liabilities and contingent assets for more information.
Net after cash and cash equivalents acquired.
DOCUMENT AND ENTITY INFORMATION |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Document and Entity Information [abstract] | |
| Document Type | 6-K |
| Document Period End Date | Jun. 30, 2021 |
| Amendment Flag | false |
| Document Fiscal Year Focus | 2021 |
| Document Fiscal Period Focus | Q2 |
| Current Fiscal Year End Date | --12-31 |
| Entity Registrant Name | EQUINOR ASA |
| Entity Central Index Key | 0001140625 |
CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| CONSOLIDATED STATEMENT OF INCOME [Abstract] | ||||||
| Revenues | $ 17,380 | $ 16,129 | $ 7,563 | $ 33,508 | $ 22,627 | $ 45,753 |
| Net income/(loss) from equity accounted investments | 16 | 30 | 33 | 47 | 104 | 53 |
| Other Income | 66 | 1,431 | 7 | 1,497 | 2 | 12 |
| Total revenues and other income | 17,462 | 17,589 | 7,603 | 35,052 | 22,733 | 45,818 |
| Purchases (net of inventory variation) | (7,399) | (7,166) | (2,750) | (14,565) | (10,146) | (20,986) |
| Operating expenses | (2,134) | (1,941) | (2,234) | (4,076) | (4,639) | (8,831) |
| Selling, general and administrative expenses | (195) | (218) | (177) | (413) | (374) | (706) |
| Depreciation, amortisation and net impairment losses | (2,111) | (2,797) | (2,522) | (4,908) | (6,959) | (15,235) |
| Exploration expenses | (326) | (247) | (393) | (572) | (1,028) | (3,483) |
| Total operating expenses | (12,164) | (12,369) | (8,075) | (24,534) | (23,147) | (49,241) |
| Net operating income/(loss) | 5,298 | 5,220 | (472) | 10,518 | (414) | (3,423) |
| Interest and other financial expenses | (304) | (312) | (379) | (616) | (723) | (1,392) |
| Other financial items | (90) | (396) | 130 | (485) | 498 | 556 |
| Net financial items | (393) | (707) | (248) | (1,101) | (225) | (836) |
| Income/(loss) before tax | 4,905 | 4,513 | (720) | 9,417 | (640) | (4,259) |
| Income tax | (2,962) | (2,659) | 469 | (5,620) | (316) | (1,237) |
| Net income/(loss) | 1,943 | 1,854 | (251) | 3,797 | (956) | (5,496) |
| Attributable to equity holders of the company | 1,938 | 1,851 | (254) | 3,789 | (961) | (5,510) |
| Attributable to non-controlling interests | $ 5 | $ 3 | $ 3 | $ 8 | $ 6 | $ 14 |
| Basic earnings per share (in USD) | $ 0.6 | $ 0.57 | $ (0.08) | $ 1.17 | $ (0.29) | $ (1.69) |
| Diluted earnings per share (in USD) | $ 0.6 | $ 0.57 | $ (0.08) | $ 1.16 | $ (0.29) | $ (1.69) |
| Weighted average number of ordinary shares outstanding (in millions) | 3,247 | 3,248 | 3,276 | 3,248 | 3,290 | 3,269 |
| Weighted average number of ordinary shares outstanding diluted (in millions) | 3,257 | 3,256 | 3,284 | 3,257 | 3,298 | 3,277 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|||
| Consolidated statements of comprehensive income [Abstrct] | ||||||||
| Net income/(loss) | $ 1,943 | $ 1,854 | $ (251) | $ 3,797 | $ (956) | $ (5,496) | ||
| Actuarial gains (losses) on defined benefit pension plans | 107 | 117 | 41 | 224 | 163 | (106) | ||
| Income tax effect on income and expenses recognised in OCI | [1] | (24) | (25) | (8) | (50) | (50) | 19 | |
| Items that will not be reclassified to the Consolidated statement of income | 83 | 91 | 33 | 174 | 113 | (87) | ||
| Foreign currency translation effects | 119 | (46) | 1,560 | 73 | (2,622) | 1,064 | ||
| Items that may be subsequently reclassified to the Consolidated statement of income | 119 | (46) | 1,560 | 73 | (2,622) | 1,064 | ||
| Other comprehensive income/(loss) | 202 | 45 | 1,593 | 247 | (2,509) | 977 | ||
| Total comprehensive income/(loss) | 2,144 | 1,899 | 1,342 | 4,044 | (3,464) | (4,519) | ||
| Attributable to the equity holders of the company | 2,140 | 1,896 | 1,340 | 4,036 | (3,470) | (4,533) | ||
| Attributable to non-controlling interests | $ 5 | $ 3 | $ 3 | $ 8 | $ 6 | $ 14 | ||
| ||||||||
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
||
|---|---|---|---|---|---|---|
| Noncurrent assets [abstract] | ||||||
| Property, plant and equipment | $ 65,373 | $ 63,161 | $ 65,672 | $ 63,941 | ||
| Intangible assets | 6,829 | 8,150 | 8,148 | 10,317 | ||
| Equity accounted investments | 2,377 | 2,374 | 2,262 | 1,599 | ||
| Deferred tax assets | 5,231 | 4,880 | 4,974 | 3,794 | ||
| Pension assets | 1,552 | 1,437 | 1,310 | 963 | ||
| Derivative financial instruments | 1,691 | 1,573 | 2,476 | 1,630 | ||
| Financial investments | 3,895 | 3,922 | 4,083 | 3,157 | ||
| Prepayments and financial receivables | 934 | 774 | 861 | 1,311 | ||
| Total non-current assets | 87,882 | 86,272 | 89,786 | 86,711 | ||
| Current assets [abstract] | ||||||
| Inventories | 2,548 | 2,917 | 3,084 | 2,974 | ||
| Trade and other receivables | 8,564 | 8,692 | 8,232 | 5,489 | ||
| Derivative financial instruments | 2,251 | 1,096 | 886 | 589 | ||
| Financial investments | 15,152 | 10,922 | 11,865 | 9,319 | ||
| Cash and cash equivalents | 9,912 | 8,992 | 6,757 | 9,700 | ||
| Total current assets | 38,426 | 32,619 | 30,824 | 28,072 | ||
| Assets classified as held for sale | 950 | 1,100 | 1,362 | 0 | ||
| Total assets | 127,259 | 119,991 | 121,972 | 114,783 | ||
| Equity [abstract] | ||||||
| Shareholders equity | 37,023 | 35,764 | 33,873 | 35,587 | ||
| Non-controlling interests | 18 | 18 | 19 | 23 | ||
| Total equity | 37,041 | 35,782 | 33,892 | 35,610 | ||
| Noncurrent liabilities [abstract] | ||||||
| Finance debt | [1] | 28,112 | 27,991 | 29,118 | 28,632 | |
| Lease liabilities | [1] | 2,796 | 3,006 | 3,220 | 3,016 | |
| Deferred tax liabilities | 12,306 | 11,440 | 11,224 | 8,907 | ||
| Pension liabilities | 4,411 | 4,363 | 4,292 | 3,572 | ||
| Provisions and other liabilities | 18,890 | 17,817 | 19,731 | 18,097 | ||
| Derivative financial instruments | 606 | 550 | 676 | 967 | ||
| Total non-current liabilities | 67,120 | 65,167 | 68,260 | 63,191 | ||
| Current liabilities [abstract] | ||||||
| Trade, other payables and provisions | 10,022 | 10,592 | 10,510 | 8,620 | ||
| Current tax payable | 5,156 | 3,249 | 1,148 | 674 | ||
| Finance debt | [1] | 3,463 | 2,784 | 4,591 | 4,324 | |
| Lease liabilities | [1] | 1,113 | 1,131 | 1,186 | 1,139 | |
| Dividends payable | 487 | 0 | 357 | 297 | ||
| Derivative financial instruments | 2,247 | 1,014 | 1,710 | 928 | ||
| Total current liabilities | 22,488 | 18,770 | 19,502 | 15,982 | ||
| Liabilities directly associated with the assets classified as held for sale | 610 | 271 | 318 | 0 | ||
| Total liabilities | 90,218 | 84,209 | 88,081 | 79,173 | ||
| Total equity and liabilities | $ 127,259 | $ 119,991 | $ 121,972 | $ 114,783 | ||
| ||||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions |
Total |
Share capital [member] |
Additional paid in capital [member] |
Retained earnings [member] |
Currency translation adjustments [member] |
Shareholder's equity [member] |
Non-controlling interest [member] |
|---|---|---|---|---|---|---|---|
| Equity beginning balance at Dec. 31, 2019 | $ 41,159 | $ 1,185 | $ 7,732 | $ 37,481 | $ (5,258) | $ 41,139 | $ 20 |
| Net income/(loss) | (956) | (961) | (961) | 6 | |||
| Other comprehensive income/(loss) | (2,509) | 113 | (2,622) | (2,509) | |||
| Total comprehensive income | (3,464) | ||||||
| Dividends | (1,189) | (1,189) | (1,189) | ||||
| Share buy-back | (890) | (890) | (890) | ||||
| Other equity transactions | (6) | (4) | 0 | (4) | (2) | ||
| Equity ending balance at Jun. 30, 2020 | 35,610 | 1,185 | 6,838 | 35,443 | (7,879) | 35,587 | 23 |
| Equity beginning balance at Dec. 31, 2019 | 41,159 | 1,185 | 7,732 | 37,481 | (5,258) | 41,139 | 20 |
| Net income/(loss) | (5,496) | ||||||
| Other comprehensive income/(loss) | 977 | ||||||
| Total comprehensive income | (4,519) | ||||||
| Equity ending balance at Dec. 31, 2020 | 33,892 | 1,164 | 6,852 | 30,050 | (4,194) | 33,873 | 19 |
| Net income/(loss) | 1,854 | ||||||
| Other comprehensive income/(loss) | 45 | ||||||
| Total comprehensive income | 1,899 | ||||||
| Equity ending balance at Mar. 31, 2021 | 35,782 | ||||||
| Equity beginning balance at Dec. 31, 2020 | 33,892 | 1,164 | 6,852 | 30,050 | (4,194) | 33,873 | 19 |
| Net income/(loss) | 3,797 | 3,789 | 3,789 | 8 | |||
| Other comprehensive income/(loss) | 247 | 174 | 73 | 247 | |||
| Total comprehensive income | 4,044 | ||||||
| Dividends | (877) | (877) | (877) | ||||
| Share buy-back | 0 | 0 | 0 | 0 | |||
| Other equity transactions | (18) | (8) | 0 | (8) | (9) | ||
| Equity ending balance at Jun. 30, 2021 | 37,041 | 1,164 | 6,844 | 33,136 | (4,121) | 37,023 | 18 |
| Equity beginning balance at Mar. 31, 2021 | 35,782 | ||||||
| Net income/(loss) | 1,943 | ||||||
| Other comprehensive income/(loss) | 202 | ||||||
| Total comprehensive income | 2,144 | ||||||
| Equity ending balance at Jun. 30, 2021 | $ 37,041 | $ 1,164 | $ 6,844 | $ 33,136 | $ (4,121) | $ 37,023 | $ 18 |
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
||||||||||||||
| Cash flows from (used in) operating activities [abstract] | |||||||||||||||||||
| Income/(loss) before tax | $ 4,905 | $ 4,513 | $ (720) | $ 9,417 | $ (640) | $ (4,259) | |||||||||||||
| Depreciation, amortisation and net impairment losses | 2,111 | 2,797 | 2,522 | 4,908 | 6,959 | 15,235 | |||||||||||||
| Exploration expenditures written off | 25 | 64 | 125 | 89 | 560 | 2,506 | |||||||||||||
| (Gains) /losses on foreign currency transactions and balances | 43 | (70) | 321 | (27) | 24 | 646 | |||||||||||||
| (Gains) /losses on sales of assets and businesses | 16 | (1,383) | (15) | (1,367) | (1) | 18 | |||||||||||||
| (Increase)/decrease in other items related to operating activities | [1] | (565) | 222 | 257 | (343) | 492 | 918 | ||||||||||||
| (Increase) /decrease in net derivative financial instruments | 170 | 577 | 25 | 746 | (264) | (451) | |||||||||||||
| Interest received | 39 | 39 | 43 | 78 | 108 | 162 | |||||||||||||
| Interest paid | (199) | (141) | (198) | (340) | (380) | (730) | |||||||||||||
| Cash flows provided by operating activities before taxes paid and working capital items | 6,543 | 6,617 | 2,360 | 13,161 | 6,859 | 14,045 | |||||||||||||
| Taxes paid | (344) | (84) | (1,744) | (428) | (2,631) | (3,134) | |||||||||||||
| (Increase) decrease in working capital | 444 | (549) | (248) | 106 | 1,183 | (524) | |||||||||||||
| Cash flows provided by operating activities | 6,643 | 5,984 | 368 | 12,627 | 5,411 | 10,386 | |||||||||||||
| Cash flows from (used in) investing activities [abstract] | |||||||||||||||||||
| Cash used in business combinations | [2] | (111) | 0 | 0 | (111) | 0 | 0 | ||||||||||||
| Capital expenditures and investments | (1,747) | (2,151) | (1,899) | (3,897) | (4,249) | (8,476) | |||||||||||||
| (Increase) /decrease in financial investments | [3] | (4,224) | 699 | (2,730) | (3,525) | (2,131) | (3,703) | ||||||||||||
| (Increase) /decrease in derivatives financial instruments | (65) | (305) | (45) | (370) | (71) | (620) | |||||||||||||
| (Increase) /decrease in other items interest bearing | (134) | (3) | 2 | (137) | 3 | 202 | |||||||||||||
| Proceeds from sale of assets and businesses | 692 | 1,146 | 0 | 1,839 | 2 | 505 | |||||||||||||
| Cash flows used in investing activities | (5,589) | (613) | (4,671) | (6,202) | (6,446) | (12,092) | |||||||||||||
| Cash flows from (used in) financing activities [abstract] | |||||||||||||||||||
| New finance debt | 0 | 0 | 8,347 | 0 | 8,347 | 8,347 | |||||||||||||
| Repayment of finance debt | [4] | (1) | (1,424) | 0 | (1,425) | 0 | (2,055) | ||||||||||||
| Repayment of lease liabilities | [4] | (308) | (302) | (318) | (610) | (623) | (1,277) | ||||||||||||
| Dividend paid | (389) | (355) | (904) | (744) | (1,750) | (2,330) | |||||||||||||
| Share buy-back | 0 | 0 | 0 | 0 | (58) | (1,059) | |||||||||||||
| Net current finance debt and other financing activities | 687 | (1,015) | (150) | (327) | (198) | 1,365 | |||||||||||||
| Cash flows provided by (used in) financing activities | (10) | (3,096) | 6,975 | (3,107) | 5,717 | 2,991 | |||||||||||||
| Net increase (decrease) in cash and cash equivalents | 1,044 | 2,274 | 2,672 | 3,318 | 4,682 | 1,285 | |||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 3 | (174) | 162 | (170) | (159) | 294 | |||||||||||||
| Cash and cash equivalents at the beginning of the period (net of overdraft) | 8,857 | [5] | 6,757 | [5] | 6,866 | 6,757 | [5] | 5,177 | 5,177 | ||||||||||
| Cash and cash equivalents at the end of the period (net of overdraft) | [5] | $ 9,904 | $ 8,857 | $ 9,700 | $ 9,904 | $ 9,700 | $ 6,757 | ||||||||||||
| |||||||||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS - (Parenthectical) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
|---|---|---|---|
| Cash and cash equivalents includes: [abstract] | |||
| Bank overdrafts | $ 7 | $ 0 | $ 0 |
Organisation and basis of preparation |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Organisation and basis of preparation [Abstract] | |
| Organisation and basis of preparation | 1 Organisation and basis of preparation Organisation and principal activities Equinor ASA, originally Den Norske Stats Oljeselskap AS, was founded in 1972 and is incorporated and domiciled in Norway. The address of its registered office is Forusbeen 50, N-4035 Stavanger, Norway. The Equinor group’s (Equinor’s) business consists principally of the exploration, production, transportation, refining and marketing of petroleum and petroleum-derived products, and other forms of energy. Equinor ASA is listed on the Oslo Børs (Norway) and the New York Stock Exchange (USA). All of Equinor's oil and gas activities and net assets on the Norwegian continental shelf are owned by Equinor Energy AS, a 100% owned operating subsidiary of Equinor ASA. Equinor Energy AS is co-obligor or guarantor of certain debt obligations of Equinor ASA. Following changes in Equinor's internal reporting to management, the composition of Equinor's operating and reporting segments changed as of the first quarter 2021. Segment information for prior periods has been reclassified to align with the new segment presentation. Certain further changes to Equinor’s operating segments took effect on 1 June 2021, but this did not impact the reporting segments, and no reclassifications were required. For more information, see note 2 Segments to these condensed interim financial statements. Equinor's condensed interim financial statements for the second quarter of 2021 were authorised for issue by the board of directors on 27 July 2021. Basis of preparation These condensed interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The condensed interim financial statements do not include all the information and disclosures required by International Financial Reporting Standards (IFRS) for a complete set of financial statements, and these condensed interim financial statements should be read in conjunction with the Consolidated annual financial statements for 2020. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, but the differences do not impact Equinor's financial statements for the periods presented. A description of the significant accounting policies applied in preparing these condensed interim financial statements is included in Equinor's Consolidated annual financial statements for 2020. There have been no changes to the significant accounting policies during 2021 compared to the Consolidated annual financial statements for 2020. The condensed interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period. Certain amounts in the comparable periods in the note disclosures have been reclassified to conform to current period presentation. The subtotals and totals in some of the tables may not equal the sum of the amounts shown due to rounding. The condensed interim financial statements are unaudited. Use of estimates The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis, considering current and expected future market conditions. A change in an accounting estimate is recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The ongoing Covid-19 pandemic creates additional estimation uncertainties and impacts key assumptions applied by Equinor in the valuation of our assets and the measurement of our liabilities. Reference is made to note 2 Significant accounting policies in Equinor’s Consolidated annual financial statements for 2020 and to note 8 Impact of the Covid-19 pandemic to these condensed interim financial statements for further information. |
Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments | 2 Segments As from 1 June 2021 Equinor’s operations are managed through the following operating segments (business areas): Exploration & Production Norway (EPN), Exploration & Production International (EPI), Exploration & Production USA (EPIUSA), Marketing, Midstream & Processing (MMP), Renewables (REN), Projects, Drilling and Procurement (PDP) and Technology, Digital & Innovation (TDI) and Corporate staff and functions. The main change in the organisational corporate structure compared to previous periods is that the operating segment Development & Production Brazil is merged into the operating segment Exploration & Production International. In addition, the operating segment Exploration is divided and merged into Exploration & Production Norway, Exploration & Production International and Exploration & Production USA. Global Strategy & Business development is divided and merged into the functions for Chief Financial Officer and Safety, Security and Sustainability. The operating segment Technology, Projects & Drilling is split into Technology, Digital & Innovation and Projects, Drilling & Procurement. The new organisational corporate structure has not implied any changes in the reportable segments. The reporting segments Exploration & Production Norway (E&P Norway), Exploration & Production International (E&P International), Exploration & Production USA (E&P USA), Marketing, Midstream & Processing (MMP) and Renewables (REN) consist of the business areas EPN, EPI, EPIUSA, MMP and REN respectively. The operating segments, PDP, TDI and corporate staffs and functions are aggregated into the reporting segment “Other” due to the immateriality of these operating segments. The majority of the costs within the operating segments PDP and TDI are allocated to the E&P Norway, E&P International, E&P USA, MMP and REN reporting segments. The changes have no material effect on comparable figures. As from the first quarter of 2021, Equinor changed its reporting as REN became a separate reporting segment. Previously the activities in REN were reported in the segment “Other”. The new reporting structure has been applied retrospectively with comparable figures reclassified. The change has its basis in the increased strategic importance of the renewable business for Equinor and that the information is regarded useful for the readers of the financial statements. Inter-segment sales and related unrealised profits, mainly from the sale of crude oil and products, are eliminated in the Eliminations column below. Inter-segment revenues are based upon estimated market prices. The reported measure of segment profit is net operating income/(loss). Deferred tax assets, pension assets and non-current financial assets are not allocated to the segments. The measurement basis for segments is IFRS as applied by the group with the exception of IFRS 16 Leases and the line item Additions to PP&E, intangibles and equity accounted investments. All IFRS 16 leases are presented within the Other segment. The lease costs for the period are allocated to the different segments based on underlying lease payments, with a corresponding credit in the Other segment. Lease costs allocated to licence partners are recognised as other revenues in the Other segment. Additions to PP&E, intangible assets and equity accounted investments in the E&P and MMP segments include the period’s allocated lease costs related to activity being capitalised with a corresponding negative addition in the Other segment. The line item Additions to PP&E, intangibles and equity accounted investments excludes movements related to changes in asset retirement obligations.
In the second quarter of 2021 Equinor recognised net impairment reversals of USD 276 million of which USD 113 million was impairments of acquisition cost and signature bonuses classified as exploration expenses. The line item Exploration expenses in the Consolidated statement of income also includes impairment of capitalised exploration well cost. For information regarding impairment of capitalised exploration cost, see note 6 Property, plant and equipment and intangible assets. In the E&P International segment the net impairment reversal was USD 93 million. Impairments of USD 95 million related to exploration licenses in South America and were classified as exploration expenses. Net impairment reversal of other assets of USD 188 million were mainly related to an asset in the Europe and Asia area caused by positive change in the short-term price assumptions and a North America offshore asset valued at fair value less cost to sell following the reclassification to held for sale. In the E&P Norway segment the net impairment reversal was USD 396 million mainly related to an offshore asset caused by a positive change in the short-term price assumptions. In the MMP segment the impairments were USD 185 million mainly related to a refinery valued at fair value less cost to sell following the reclassification to held for sale. In addition, in the segments Other and E&P USA total impairments of USD 29 million have been recognized. For information on group impairment losses and reversals, see note 6 Property, plant and equipment and intangible assets. For information regarding acquisition and disposal of interests, see note 3 Acquisitions and disposals. See also note 8 Impact of the Covid-19 pandemic. Revenues from contracts with customers by geographical areas When attributing the line item Revenues third party, other revenues and other income to the country of the legal entity executing the sale for the second quarter of 2021, Norway constitutes 76% and USA constitutes 16% of such revenues. For the second quarter of 2020, Norway and USA constituted 79% and 16% of such revenues, respectively. For the first half of 2021, Norway constitutes 78% and the US constitutes 16% of such revenues. For the first half of 2020, Norway and the US constituted 80% and 15% of such revenues respectively
1) Excluding deferred tax assets, pension assets and non-current financial assets.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Acquisitions and disposals [Abstract] | |
| Acquisitions and disposals | 3 Acquisitions and disposals Divestments Bakken onshore unconventional field On 26 April 2021, Equinor closed the transaction to divest its interests in the Bakken field in the US states of North Dakota and Montana to Grayson Mill Energy, backed by EnCap Investments for an estimated total consideration of USD 819 million, including interim period settlement, for which payment has been received in the first half 2021. Post-closing settlement adjustments are ongoing, and the consideration will be final in early 2022. The asset was impaired in the first quarter 2021. In the second quarter 2021, an insignificant loss was recorded and is presented in the line item Operating expenses in the Consolidated statement of income in the E&P USA segment. Divestment of 10% of Dogger Bank Farm A and B On 26 February 2021, Equinor closed the transaction with Eni to sell a 10% equity interest in the Dogger Bank Wind Farm A and B assets in the UK for a total consideration of GBP 206.4 million (USD 285 million), resulting in a gain of GBP 202.8 million (USD 280 million). After closing, the new overall shareholdings in Dogger Bank A and Dogger Bank B are SSE Renewables (40%), Equinor (40%), and Eni (20%). Equinor will continue to equity account for the remaining investment as a joint venture. The gain is presented in the line item Other income in the Consolidated statement of income in the REN segment. Divestment of non-operated interest in the Empire Wind and Beacon Wind assets on the US east coast On 29 January 2021, Equinor closed the transaction with BP to sell 50% of the non-operated interests in the Empire Wind and Beacon Wind assets for a preliminary total consideration after interim period adjustments of USD 1.2 billion, resulting in a gain of USD 1.1 billion for the divested part, of which USD 500 million had been prepaid at the end of December 2020. Through this transaction, the two companies have established a strategic partnership for further growth within offshore wind in the USA. Following the transaction, Equinor remains the operator with a 50% interest. Equinor consolidated the assets until transaction closing, and thereafter the investments are classified as joint ventures and accounted for using the equity method. The gain is presented in the line item Other income in the Consolidated statement of income in the REN segment. Acquisitions Acquisition of Wento On 5 May 2021, Equinor completed a transaction to acquire 100% of the shares in Polish onshore renewables developer Wento from the private equity firm Enterprise Investors for a cash consideration of EUR 98 million (USD 117 million) after net cash adjustments. In addition, Equinor acquired a receivable of USD 3 million from Enterprise Investors towards investees. The assets and liabilities related to the acquired business have been recognised under the acquisition method. The acquisition resulted in an increase of Equinor’s intangible assets of USD 46 million, goodwill of USD 59 million, deferred tax liability of USD 9 million and other net assets of USD 21 million. The goodwill reflects the expected synergies, competence and access to the Polish renewables market obtained in the acquisition. The transaction has been accounted for in the REN reporting segment. Held for sale On 10 June 2021, Equinor entered into an agreement with the Klesch Group to sell 100% of the shares in Equinor Refining Denmark A/S. Equinor Refining Denmark A/S consists of the Kalundborg refinery and terminal in the northwest of Zealand, the Hedehusene terminal near Copenhagen as well as associated infrastructure and industrial property. The assets and liabilities related to this entity are classified as held for sale and presented in the reporting segment MMP at 30 June 2021. Closing of the transaction is subject to customary approvals and contractual condition precedents. Closing is expected in the second half of 2021. Equinor has recognised an impairment loss based on the estimated fair value less costs to sell, see note 2 Segments. In the second quarter 2021 Equinor has reached an agreement on commercial terms to sell its share of an asset in offshore North America. The assets and liabilities related to this entity are classified as held for sale and presented in the E&P International segment at 30 June 2021. The net carrying amount of the interests to be disposed of is immaterial. Equinor has recognised an impairment reversal based on the estimated fair value less costs to sell, see note 2 Segments. |
Financial items |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial items [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial items | 4 Financial items
Gains/(losses) on derivative financial instruments is a loss of USD 101 million in the second quarter of 2021, compared to a gain of USD 189 million in the second quarter of 2020, mainly due to increased interest rates. Equinor has a US Commercial paper programme available with a limit of USD 5 billion of which USD 950 million has been utilized as of 30 June 2021. In the first half of 2021, Equinor recorded total lease payments of USD 663 million, of which USD 54 million were payment of interest and USD 610 million were down-payment of lease liabilities. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income taxes [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income taxes | 5 Income taxes
The tax rate for the second quarter of 2021 and for the first half of 2021 was primarily influenced by positive operating income in countries with unrecognised deferred tax assets. The tax rate for the second quarter of 2021 was also influenced by currency effects in entities that are taxable in other currencies than the functional currency. The tax rate for the second quarter of 2020 and for the first half of 2020 was primarily influenced by the temporary changes to Norway’s petroleum tax system and changes in best estimates for uncertain tax positions. The tax rate for the first half of 2020 was also influenced by losses including impairments recognised in countries with unrecognised deferred tax assets or in countries with lower than average tax rates and currency effects in entities that are taxable in other currencies than the functional currency. The tax rate for the full year 2020 was primarily influenced by losses including net impairments recognised in countries with unrecognised deferred taxes or in countries with lower than average tax rates. The tax rate was also influenced by currency effects in entities that are taxable in other currencies than the functional currency, partially offset by the temporary changes to Norway’s petroleum tax system and changes in best estimates for uncertain tax positions. |
||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment and intangible assets |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment and intangible assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment and intangible assets | 6 Property, plant and equipment and intangible assets
Right-of-use (RoU) assets are included within property, plant and equipment with a net book value of USD 3,618 million per 30 June 2021. Additions to RoU assets amount to USD 167 million. Gross depreciation and impairment of RoU assets amount to USD 636 million in the first half of 2021, of which depreciation costs of USD 158 million have been allocated to exploration and development activities and are presented net on the Depreciation, amortisation and net impairment losses and Additions lines in the table above. Net impairments/(reversal) of impairments For information on impairment losses and reversals per reporting segment, see note 2 Segments.
The net impairments have been recognised in the Consolidated statement of income as Depreciation, amortisation and net impairment losses and Exploration expenses based on the impaired assets’ nature of property, plant and equipment and intangible assets, respectively. The recoverable amounts in the second quarter and first half of 2021 were mainly based on value in use. Value in use estimates and discounted cash flows used to determine the recoverable amount of assets tested for impairment are based on internal forecasts on costs, production profiles and commodity prices. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions, commitments, contingent liabilities and contingent assets |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Provisions, commitments, contingent liabilities and contingent assets [abstract] | |
| Provisions, commitments, contingent liabilities and contingent assets | 7 Provisions, commitments, contingent liabilities and contingent assets Asset retirement obligation Equinor’s estimated asset retirement obligations (ARO) have decreased by USD 548 million to USD 16,743 million compared to year-end 2020, mainly due to the increase in discount rates and divestments, partially offset by increase in cost estimates and additions. Changes in ARO are reflected within Property, plant and equipment and Provisions and other liabilities in the Consolidated balance sheet. Supreme Court decision related to ICMS indirect tax (Imposto sobre Circulaçao de Mercadorias - Tax on the Circulation of Goods and Certain Services) In Brazil, the State of Rio de Janeiro in 2015 published a law whereby crude oil extraction would be subject to a 18% ICMS indirect tax (Imposto sobre Circulaçao de Mercadorias - Tax on the Circulation of Goods and Certain Services). The Brazilian Industry Association filed a suit with the Federal Supreme Court of Brazil challenging the law’s constitutionality, and in March 2021 the plenary of Brazil’s Supreme Court declared the State of Rio de Janeiro’s law to be unconstitutional. The decision became final in May 2021. As a result, Equinor requested that the Supreme Court’s decision is reflected in the ICMS related legal proceedings which previously were initiated by Equinor and which currently are ongoing for the Roncador and Peregrino fields in in the legal system of the State of Rio de Janeiro. During the second quarter, developments in these state-level legal proceedings regarding the Peregrino field resulted in a reduction in Equinor’s overall maximum exposure, which at the end of the second quarter 2021 is estimated at USD 428 million. Following the Supreme Court’s decision, Equinor evaluates the probability of any cash outflow in these cases to be remote. As no provisions have previously been made in the matter, the Brazilian Supreme Court’s decision does not impact Equinor’s condensed interim financial statements for the second quarter or first half of 2021. Redetermination process for Agbami field Through its ownership in OML 128 in Nigeria, Equinor is a party to an ownership interest redetermination process for the Agbami field, which will reduce Equinor’s ownership interest. A non-binding agreement for settlement of the redetermination was reached during the fourth quarter of 2018. The parties to the non-binding agreement have thereafter continued to work towards a final settlement and agreed-upon ownership percentage adjustment. In June 2021, Equinor paid a total of USD 822 million to two of the partners in the Agbami Unit. The payment covered outstanding amounts between the three parties as of 31 March 2021. Following the payment, an adjustment to the previous provision by USD 57 million has been reflected in the E&P International segment under Other Revenue. The remaining Agbami redetermination related provision reflected in Trade and other payables in the Consolidated balance sheet at second quarter end is immaterial. Mineral rights dispute along the Missouri riverbank Equinor produces minerals from wells in spacing units along the Missouri River in which ownership of the mineral rights associated with the near shore region up to the ordinary high-water mark have been disputed. As operator of wells in those units, Equinor has a right to part of the proceeds, and a responsibility to distribute the remainder of the proceeds from the production to the owners of the mineral rights. As the riverbank has moved continuously over time, updated river-surveys have resulted in interest claims from several parties, including the State of North Dakota, the United States, and private parties. During the second quarter of 2021, Equinor has received updated title opinions reflecting the latest State survey that resulted in clarification among the main parties. Certain limited procedural matters remain, but Equinor’s maximum exposure in the case has been significantly reduced and at this stage is minor. Amounts reflected in the matter in the Consolidated balance sheet at 30 June 2021 and in the Consolidated statement of income during the second quarter and for the first half of 2021 are immaterial. During the normal course of its business, Equinor is involved in legal and other proceedings, and several claims are unresolved and currently outstanding. The ultimate liability or asset in respect of such litigation and claims, cannot be determined now. Equinor has provided in its Condensed interim financial statements for probable liabilities related to litigation and claims based on the company's best judgement. Equinor does not expect that its financial position, results of operations or cash flows will be materially affected by the resolution of these legal proceedings. |
Impact of the Covid-19 pandemic and oil price decline |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Impact of the Covid-19 pandemic and oil price decline [abstract] | |
| Impact of the Covid-19 pandemic and oil price decline | 8 Impact of the Covid-19 pandemic In 2021, the Covid-19 pandemic continues to impact worldwide economic growth and energy demand, and the uncertainties with regard to recovery from the effects of the pandemic remain. During the first half of 2021, oil prices rebounded after an unprecedented collapse and increased volatility in 2020. Developments related to the ongoing pandemic, such as new or continued lockdowns or other measures implemented by various countries, new outbreaks, and the success of ongoing vaccination efforts, will continue to impact energy demand, energy prices, and related volatilities in 2021 and beyond. At the same time, markets are currently showing signs of increased demand relative to supply, reflected in higher price levels for oil and gas in the near term.
On 19 March 2021, Equinor published its 2020 Annual Report and Form 20-F. The impact of the Covid-19 pandemic for the Equinor group, including the impact for future energy price levels and demand, is discussed and reflected in a number of notes to those 2020 annual consolidated financial statements. The Covid-19 pandemic related information with a reach beyond 2020 continue, in all material aspects, to apply for the first half of 2021. During the first half of 2021, Equinor has only experienced immaterial effects of the pandemic from assets in operation, due to measures taken to maintain and secure safe production. The Covid-19 pandemic continues to impact Equinor’s maintenance and development project portfolio world-wide with personnel limitation issues causing schedule delays and cost increases. The situation continues to be unpredictable and may have additional consequences for the progress and costs of our projects. Within the group, some projects in the portfolio continue to be impacted by the Covid-19 pandemic, and especially related to Equinor’s Brazilian organization and the Peregrino field projects and some of the Norwegian development projects. |
Subsequent events |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Subsequent events [abstract] | |
| Subsequent events | 9 Subsequent events On 27 July 2021, the board of directors resolved to declare a dividend for the second quarter of 2021 of USD 0.18 per share. The Equinor shares will trade ex-dividend 11 November 2021 on the Oslo Børs and 10 November 2021 for ADR holders on the New York Stock Exchange. Record date will be 12 November 2021 and payment date will be 24 November 2021. On 27 July 2021, the board of directors resolved the commencement of the first tranche of the share buy-back programme for a total of USD 300 million, including shares to be redeemed from the Norwegian State. The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares repurchased as part of the programme will be cancelled. The first tranche will end no later than 28 September 2021. |
Organisation and basis of preparation (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Organisation and basis of preparation | |
| Basis of preparation | Basis of preparation These condensed interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The condensed interim financial statements do not include all the information and disclosures required by International Financial Reporting Standards (IFRS) for a complete set of financial statements, and these condensed interim financial statements should be read in conjunction with the Consolidated annual financial statements for 2020. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, but the differences do not impact Equinor's financial statements for the periods presented. A description of the significant accounting policies applied in preparing these condensed interim financial statements is included in Equinor's Consolidated annual financial statements for 2020. There have been no changes to the significant accounting policies during 2021 compared to the Consolidated annual financial statements for 2020. The condensed interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period. Certain amounts in the comparable periods in the note disclosures have been reclassified to conform to current period presentation. The subtotals and totals in some of the tables may not equal the sum of the amounts shown due to rounding. The condensed interim financial statements are unaudited. |
| Use of estimates | Use of estimates The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis, considering current and expected future market conditions. A change in an accounting estimate is recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The ongoing Covid-19 pandemic creates additional estimation uncertainties and impacts key assumptions applied by Equinor in the valuation of our assets and the measurement of our liabilities. Reference is made to note 2 Significant accounting policies in Equinor’s Consolidated annual financial statements for 2020 and to note 8 Impact of the Covid-19 pandemic to these condensed interim financial statements for further information. |
Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating segments data [text block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-current assets by country [text block] |
1) Excluding deferred tax assets, pension assets and non-current financial assets. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from contracts with customers [text block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial items (Table) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial items [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finance items [text block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (Table) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income taxes [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Significant components of income tax expense [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment and intangible assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment and intangible assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment [text block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairments [text block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organisation and basis of preparation (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Organisation and basis of preparation [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 | The Equinor group’s (Equinor’s) business consists principally of the exploration, production, transportation, refining and marketing of petroleum and petroleum-derived products, and other forms of energy. |
| Equinor Energy AS [member] | |
| Disclosure of subsidiaries [line items] | |
| Proportion of ownership interest in subsidiary | 100.00% |
Acquisitions and disposals- Acquisitions (Details) - May 05, 2021 - Wento [member] - REN (member) € in Millions, $ in Millions |
USD ($) |
EUR (€) |
USD ($) |
|---|---|---|---|
| Acquisitions [line items] | |||
| Percentage of share acquired | 100.00% | 100.00% | |
| Cash consideration | € 98 | $ 117 | |
| Acquired receivable | 3 | ||
| Increase in intangible assets | 46 | ||
| Goodwill | $ 59 | ||
| Increase in deferred tax liabilities | $ 9 | ||
| Increase in other net assets | $ 21 |
Financial items (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|||
| Financial items [Abstract] | ||||||||
| Gains (losses) on net foreign exchange | $ (43) | $ 70 | $ (321) | $ 27 | $ (24) | $ (646) | ||
| Interest income and other financial items | 28 | 45 | 14 | 72 | 238 | 248 | ||
| Gains (losses) financial investments | 27 | (150) | 248 | (123) | (98) | 506 | ||
| Gains/(losses) other derivative financial instruments | (101) | (360) | 189 | (462) | 382 | 448 | ||
| Interest and other financial expenses | (304) | (312) | (379) | (616) | (723) | (1,392) | ||
| Net financial items | (393) | (707) | (248) | (1,101) | (225) | (836) | ||
| Payments of lease liabilities, classified as financing activities | 663 | |||||||
| Interest paid finance lease liabilities | 54 | |||||||
| Down payment of lease liabilities | [1] | 308 | $ 302 | $ 318 | 610 | $ 623 | $ 1,277 | |
| Commercial Papers Programme | 950 | 950 | ||||||
| Commercial Paper Program Limit | $ 5,000 | $ 5,000 | ||||||
| ||||||||
Income taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||||||
| Income/(loss) before tax | $ 4,905 | $ 4,513 | $ (720) | $ 9,417 | $ (640) | $ (4,259) |
| Income tax | $ (2,962) | $ (2,659) | $ 469 | $ (5,620) | $ (316) | $ (1,237) |
| Effective tax rate | 60.40% | 58.90% | 65.20% | 59.70% | (49.50%) | (29.00%) |
Property, plant and equipment and intangible assets (Details) $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2021
USD ($)
| |
| Property, plant and equipment and intangible assets [abstract] | |
| Balance, beginning | $ 65,672 |
| Additions through business combinations | 4 |
| Additions | 3,429 |
| Transfers | 1,467 |
| Disposals and reclassifications | 45 |
| Transferred to assets classified as held for sale | (281) |
| Depreciation, amortisation and net impairment losses | (4,890) |
| Effect of foreign currency translation adjustments | (73) |
| Balance, ending | 65,373 |
| Intangible Assets [Abstract] | |
| Intangibles beginning | 8,148 |
| Additions through business combinations | 106 |
| Additions | 166 |
| Transfers | (1,467) |
| Disposals and reclassifications | (12) |
| Transferred to assets classified as held for sale | 0 |
| Expensed exploration expenditures and impairment losses | (89) |
| Depreciation, amortisation and net impairment losses | (18) |
| Effect of foreign currency translation adjustments | (5) |
| Intangibles ending | $ 6,829 |
Property, plant and equipment - Narrative (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2021
USD ($)
| |
| Disclosure of detailed information about property, plant and equipment [line items] | |
| Right of use Assets | $ 3,618,000,000 |
| Gross depreciation of right of use (RoU) assets | 636,000,000 |
| Additions to RoU assets | 167,000,000 |
| Exploration and development assets [member] | |
| Disclosure of detailed information about property, plant and equipment [line items] | |
| Gross depreciation of right of use (RoU) assets | $ 158,000,000 |
Provisions, commitments, contingent liabilities and contingent assets (Details) $ in Millions |
1 Months Ended | 6 Months Ended |
|---|---|---|
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
|
| Asset retirement obligations [member] | ||
| Disclosure of other provisions [line items] | ||
| Other provisions | $ 16,743 | $ 16,743 |
| Increase (decrease) in provisions due to changes in discount rate | (548) | |
| ICMS indirect tax - Dispute with Brazilian tax authorities [member] | ||
| Disclosure of other provisions [line items] | ||
| Estimated exposure | 428 | $ 428 |
| Indirect tax rate | 18.00% | |
| Redetermination process for Agbami field [member] | ||
| Disclosure of other provisions [line items] | ||
| Reduction in exposure due to settlement | 822 | |
| Redetermination process for Agbami field [member] | E&P International [member] | ||
| Disclosure of other provisions [line items] | ||
| Other revenues | $ 57 |
Subsequent event (Details) $ / shares in Units, $ in Millions |
Jul. 27, 2021
USD ($)
$ / shares
|
|---|---|
| Dividends declared [Member] | |
| Disclosure of non-adjusting events after reporting period [line items] | |
| Dividends declared per share | $ / shares | $ 0.18 |
| Share transactions [Member] | Share buyback programme [Member] | |
| Disclosure of non-adjusting events after reporting period [line items] | |
| Treasury shares purchased | $ | $ 300 |