Industry ranking
Score of 87.4/100 qualifies for PaymentCheck Certification
The average time to pay for invoices by EQUINOR PRODUCTION UK LIMITED has been increasing steadily over the three periods. It started at 24 days in the first period, increased to 28 days in the second period, and further increased to 31 days in the third period.
The volatility in the percentage of invoices paid within 30 days has been relatively low, with only a 2% decrease between the first and second period, and a 1% increase between the second and third period. However, there has been a larger change in the percentage of invoices paid later than 60 days, with a 2% increase between the first and second period, and a 1% decrease between the second and third period.
EQUINOR PRODUCTION UK LIMITED has been consistently paying their invoices within their agreed terms, with 86% of invoices paid within 30 days in the first period, 88% in the second period, and 89% in the third period. However, there has been a slight decrease in the percentage of invoices paid between 31 and 60 days, from 11% in the first period to 6% in the third period. The percentage of invoices paid later than 60 days has also seen a slight decrease from 3% in the first period to 5% in the third period.
| 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 | 28 | 88% | 7% | 5% | 12% |
| 01 Jan 2021 - 30 Jun 2021 | 06 Jun 2022 | 24 | 86% | 11% | 3% | 14% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard 30 days from receipt
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
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.
✅
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Equinor Production UK Limited is a UK-registered company forming part of the Equinor group, an international energy business headquartered in Norway. Companies House records its nature of business as extraction of crude petroleum, alongside combined office administrative services, indicating a role supporting the group's upstream oil and gas operations in the UK. The wider Equinor group describes itself as an international energy company with a portfolio spanning oil and gas, renewables and low-carbon solutions, and states that its international oil and gas activity includes core positions in the UK. This entity represents Equinor's UK production operations rather than the parent group itself, which is headquartered in Norway and listed on international stock exchanges.
Generated from the company's website and Companies House records. Sources: equinor.com