Stock price when the opinion was issued
They have talked about disposing of some of their assets after having made big acquisitions here. Norwegians are very environmentally conscious and he thinks they are getting sucked into the “dirty oil vs. clean oil” argument. It is hard to make a lot of money on these large quasi state run enterprises. It is very hard for them to show consistent production per share growth. If you have a really bullish view on energy prices, you probably want to have a reasonably bullish view on the Cdn$, so why would you be investing in energy names and using up your valuable foreign dollars, when you can buy good quality energy names in Canada.