Equinor CFO Says Strait of Hormuz Will Take Six Months to Normalize
Torgrim Reitan, CFO of Equinor, stated that it will take six months for shipping through the Strait of Hormuz to return to normal operations. The executive made the comment while discussing the company's first-quarter earnings, which rose more than expected due to higher output and oil prices.
nbcnews.comThe executive provided the timeline during an appearance on CNBC's Europe Early Edition to discuss the company's first-quarter results. Equinor's profit in the first quarter rose more than expected. The increase came amid higher production volumes and elevated oil prices that provided a tailwind for the Norwegian energy company.
Roughly one-fifth of the world's seaborne crude oil passes through the waterway, which lies between Iran and Oman. Reitan's assessment reflects ongoing disruptions affecting tanker traffic and insurance costs in the region. Shipping companies have rerouted vessels and adjusted schedules in response to heightened tensions.
The company reported earnings that exceeded analyst forecasts for the January-to-March period. Higher output from its upstream projects combined with stronger realized prices drove the beat. The firm continues to balance its oil and gas production with investments in renewable energy projects.
Reitan did not provide additional details on specific measures the company is taking to mitigate risks tied to the Hormuz disruption. Industry participants are monitoring developments that could affect global energy supply chains in the coming months.
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