Equinor report on 2023 tax contributions
The total tax contribution for Equinor amounted to USD 33,9 billion in 2023. The year was marked by volatile prices driven by geopolitical uncertainty, and energy markets developing with increased complexity and lower predictability.
“Progress for society is part of our purpose and at the core of Equinor. Being a good corporate citizen, paying our taxes where value is created and pushing for transparency on tax is an important part of driving this progress. 2023 was a year with strong financial results, followed by substantial tax contributions,” says CFO Torgrim Reitan.
In 2023, Equinor group companies contributed with tax, host government entitlement, royalty and fee payments of USD 33,9 billion globally. Of this, USD 29.7 billion was paid to Norway, where Equinor has the largest operations.
Equinor delivered strong financial results for 2023, on the back of solid global operational performance and high production.
Tax payments from Equinor provides governments and authorities with opportunities to increase welfare and strengthen their societies. The Tax Contribution Report provides information about the corporate income tax Equinor paid in countries and locations in where we create value across all our businesses. The report discloses Equinor’s approach to tax and tax strategy, compliance, and governance.
“Energy projects, across all segments of oil and gas, renewables and low-carbon value chains, have in common that they are large investments, with long lead times and generally designed to operate for decades. This is why our industry depends on stable and predictable tax and fiscal regimes over time”, states Reitan.
This report complements other publications and disclosures such as Equinor’s Integrated Annual Report and the Payments to Governments report.
