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Acquisitions and disposals | 6 Months Ended
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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 quar ter 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 202 1, 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 20 6.4 million (USD 28 5 million), resulting in a gain of GBP 20 2.8 million (USD 28 0 million). After closing, the new overall shareholding s in Dogger Bank A and Dogger Bank B are S SE Renewables (40%), Equinor (40%), and Eni (20%). Equinor will continue to equity account for the remaining investment as a joint venture. T he gain is presented in the l ine item Other income in the Consolidated statement of income in the REN segmen t. 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 establis hed a strategic partnership for further growth within offshore wind in the US A. Following the transaction, Equinor remain s 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. T he 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 9 8 million (USD 1 17 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 2 1 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. H eld 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 Internationa l 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.

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