Organisation and basis of preparation	6 Months Ended
Jun. 30, 2022
Organisation and basis of preparation [Abstract]
Organisation and basis of preparation	1 Organisation and basis of preparation Organisation and principal activities Equinor Group (Equinor) consists of Equinor ASA and its subsidiaries. Equinor ASA is incorporated and domiciled in Norway and listed on the Oslo Børs ( Norway ) and the New York Stock Exchange (USA). The address of its registered office is Forusbeen 50, N- 4035 Stavanger, Norway . Equinor’s 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, a 100 % owned operating subsidiary of Equinor ASA and owner of all of Equinor's oil and gas activities and net assets on the Norwegian continental shelf, is co-obligor or guarantor of certain debt obligations of Equinor ASA. Equinor's condensed interim financial statements for the second quarter of 2022 were authorised for issue by the board of directors on 26 July 2022. 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 2021. 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 2021. There have been no changes to the significant accounting policies during 2022 compared to the Consolidated annual financial statements for 2021. With effect from the second quarter 2022, due to the evolving trading business in the Group, Equinor has determined that fair value less cost to sell (FV) is an appropriate measurement basis for commodity inventories held for trading purposes with subsequent changes in FV recognised in the Consolidated statement of income. Comparative numbers have not been restated due to materiality. 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. When determining fair value, there have been no changes to the valuation techniques or models and Equinor applies the same sources of input and the same criteria for categorisation in the fair value hierarchy as disclosed in the Consolidated annual financial statements for 2021. 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 reviewed on an on-going basis and 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.

1 Organisation and basis of preparation

Organisation and principal activities

Equinor Group (Equinor) consists of

Equinor ASA

and its subsidiaries. Equinor ASA is incorporated and domiciled in

Norway

and

listed on the Oslo Børs (

Norway

) and the New York Stock Exchange (USA). The address of its registered office is

Forusbeen 50, N-

4035 Stavanger, Norway

Equinor’s 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, a

100

% owned operating subsidiary of Equinor ASA and

owner of all of Equinor's oil and gas activities and net assets on the Norwegian continental shelf,

is co-obligor or guarantor of certain

debt obligations of Equinor ASA.

Equinor's condensed interim financial statements for the second quarter of 2022 were authorised

for issue by the board of directors on

26 July 2022.

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 2021. 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 2021.

There have been no changes to the significant accounting policies during 2022 compared to the Consolidated annual

financial

statements for 2021. With effect from the second quarter 2022, due to the evolving trading business in the

Group, Equinor has

determined that fair value less cost to sell (FV) is an appropriate measurement basis for

commodity inventories held for trading

purposes with subsequent changes in FV recognised in the Consolidated statement

of income. Comparative numbers have not been

restated due to materiality.

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. When determining fair

value, there have been no changes to the valuation techniques or models and Equinor applies the

same sources of input and the

same criteria for categorisation in the fair value hierarchy as disclosed in the Consolidated

annual financial statements for 2021.

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 reviewed on an on-going basis and 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.