Industry ranking
Score of 87.55/100 qualifies for PaymentCheck Certification
EQUINOR UK LIMITED has consistently maintained a low average time to pay invoices, with a slight increase in the first half of 2021. The percentage of invoices paid within 30 days has also remained high, with a peak of 90% in the first half of 2021. However, there has been a slight increase in the percentage of invoices paid later than 60 days in the same period.
The average time to pay invoices has remained relatively stable for EQUINOR UK LIMITED, with a slight increase in the first half of 2021. The percentage of invoices paid within 30 days has also remained consistent, with a peak of 90% in the first half of 2021. However, there has been some fluctuation in the percentage of invoices paid between 31 and 60 days and the percentage of invoices paid later than 60 days.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2021 - 31 Dec 2021 | 06 Jun 2022 | 30 | 89% | 9% | 3% | 12% |
| 01 Jan 2021 - 30 Jun 2021 | 06 Jun 2022 | 29 | 90% | 8% | 2% | 10% |
| 01 Jan 2020 - 30 Jun 2020 | 22 Oct 2020 | 20 | 83% | 10% | 7% | 24% |
| 01 Jul 2019 - 31 Dec 2019 | 10 Feb 2020 | 21 | 82% | 12% | 6% | 25% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 23 | 81% | 13% | 6% | 29% |
| 01 Jul 2018 - 31 Dec 2018 | 21 Feb 2019 | 21 | 82% | 13% | 6% | 30% |
| 01 Jan 2018 - 30 Jun 2018 | 21 Feb 2019 | 19 | 86% | 9% | 5% | 27% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms are 30 days from date of invoice.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
30
The company notifies suppliers in the event of any invoice disputes and endeavours to resolve disputes by agreement between parties with payment made as appropriate once resolved. In exceptional circumstances, payment would be resolved via recourse to arbitration or legal process. The company employs a dedicated finance team who are available for any invoice queries.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Equinor UK Limited is a UK-registered entity within the Equinor group, an international energy company headquartered in Norway. Its registered activity is the extraction of natural gas. The wider Equinor group, formerly known as Statoil before its 2018 rename, operates across oil and gas, renewables and low-carbon solutions, with the UK forming one of its core international oil and gas positions alongside the US, Brazil, Angola and Canada. The group also runs onshore and offshore wind and solar assets, including UK positions, supported by trading operations. Equinor UK Limited represents the group's UK presence in this oil and gas and wider energy business rather than being a separate standalone operation.
Generated from the company's website and Companies House records. Sources: statoil.com · statoil.com