@Andy Lester asserts that the original form of the query is more efficient than using NVL. I decided to test that assertion:
    SQL> DECLARE
      2    CURSOR B IS
      3       SELECT batch_id, equipment_id
      4         FROM batch;
      5    v_t1  NUMBER;
      6    v_t2  NUMBER;
      7    v_c1  NUMBER;
      8    v_c2  NUMBER;
      9    v_b   INTEGER;
     10  BEGIN
     11  -- Form 1 of the where clause
     12    v_t1 := dbms_utility.get_time;
     13    v_c1 := dbms_utility.get_cpu_time;
     14    FOR R IN B LOOP
     15       SELECT COUNT(*)
     16         INTO v_b
     17         FROM batch
     18        WHERE equipment_id = R.equipment_id OR (equipment_id IS NULL AND R.equipment_id IS NULL);
     19    END LOOP;
     20    v_t2 := dbms_utility.get_time;
     21    v_c2 := dbms_utility.get_cpu_time;
     22    dbms_output.put_line('For clause: WHERE equipment_id = R.equipment_id OR (equipment_id IS NULL AND R.equipment_id IS NULL)');
     23    dbms_output.put_line('CPU seconds used: '||(v_c2 - v_c1)/100);
     24    dbms_output.put_line('Elapsed time: '||(v_t2 - v_t1)/100);
     25  
     26  -- Form 2 of the where clause
     27    v_t1 := dbms_utility.get_time;
     28    v_c1 := dbms_utility.get_cpu_time;
     29    FOR R IN B LOOP
     30       SELECT COUNT(*)
     31         INTO v_b
     32         FROM batch
     33        WHERE NVL(equipment_id,'xxxx') = NVL(R.equipment_id,'xxxx');
     34    END LOOP;
     35    v_t2 := dbms_utility.get_time;
     36    v_c2 := dbms_utility.get_cpu_time;
     37    dbms_output.put_line('For clause: WHERE NVL(equipment_id,''xxxx'') = NVL(R.equipment_id,''xxxx'')');
     38    dbms_output.put_line('CPU seconds used: '||(v_c2 - v_c1)/100);
     39    dbms_output.put_line('Elapsed time: '||(v_t2 - v_t1)/100);
     40  END;
     41  /
    For clause: WHERE equipment_id = R.equipment_id OR (equipment_id IS NULL AND R.equipment_id IS NULL)
    CPU seconds used: 84.69
    Elapsed time: 84.8
    For clause: WHERE NVL(equipment_id,'xxxx') = NVL(R.equipment_id,'xxxx')
    CPU seconds used: 124
    Elapsed time: 124.01
    PL/SQL procedure successfully completed
    SQL> select count(*) from batch;
  COUNT(*)
----------
     20903
SQL> 
I was kind of surprised to find out just how correct Andy is. It costs nearly 50% more to do the NVL solution. So, even though one piece of code might not look as tidy or elegant as another, it could be significantly more efficient.  I ran this procedure multiple times, and the results were nearly the same each time. Kudos to Andy...