Energy exec: Will take 6 months for Strait of Hormuz to return to normal

• Equinor's Q1 adjusted earnings before tax ($9.77B vs. $9B expected) and net income ($3.1B) significantly exceeded expectations, driven by higher commodity prices.
• The company's strategy of not hedging against price volatility allowed it to capture substantial value from market spikes, with trading operations yielding twice the guided results.
• Norwegian oil production commanded a premium of ~$3/barrel over Brent due to its quality for jet fuel and diesel, further boosting profitability.
• The CFO anticipates at least six months for oil and gas markets to normalize, while LNG export recovery could take 3-5 years due to damaged facilities, implying sustained high prices.

Equinor's CFO discusses strong Q1 earnings, exceeding expectations due to higher oil and gas prices and effective trading operations. The company benefits from its unhedged position and the premium quality of its Norwegian oil. While acknowledging the 'dramatic' geopolitical situation, he expects oil/gas market normalization in 6 months, but LNG exports will take 3-5 years due to damaged facilities, ensuring a sustained period of higher prices.