“Stable and predictable tax and fiscal regimes are vital for large-scale energy projects. Because of the complexity, capital intensiveness and long lead time through development to production, such stability is equally critical across all segments of our project portfolio,” says Torgrim Reitan, CFO of Equinor.
Equinor delivered solid financial results for 2024, on the back of strong operational performance and stable oil and gas production. Tax payments from Equinor provide governments and authorities with opportunities to increase welfare and strengthen their societies.
In 2024, Equinor group companies contributed with tax, host government entitlement, royalty and fee payments of USD 23.1 billion globally. Of this, USD 19.2 billion was paid to Norway, where Equinor has the largest operations. In addition, USD 1.5 billion was paid in employment taxes in Norway, such as employer social security contributions and payroll taxes.
Equinor also paid USD 1.2 billion in environmental taxes and other fees in 2024. This is down from USD 1.5 billion in 2023, reflecting lower emissions. Of the total, over 83% was paid in Norway.
“Paying taxes where value is created and advocating for transparency on tax is important to ensure progress for society. 2024 was a year with solid financial results and material tax contributions,” says Reitan.
The Tax Contribution Report provides information about the corporate income tax Equinor paid in countries and locations in where value is created. The report discloses Equinor’s approach to tax and tax strategy, compliance, and governance.
This report complements other publications and disclosures such as Equinor’s Integrated Annual Report and the Payments to Governments report.
