Stock price when the opinion was issued
Even if that were to happen, you'd want to put your exposure to energy in the pipelines. We are going to see increased volumes, barring a recession in the States or NA. Fantastic news for pipelines. Not worried so much about what the price actually is, the way a driller or downstream producer would be. Relatively decent dividend.
This is the one he likes in the space. Part of its business is very utility-like. Steady dividend, which will rise over time. Dividend also looks attractive in the face of an economic slowdown when interest rates would fall. Hold for the long haul.
More pipeline builds would certainly be an opportunity for growth for this name, but that's not why he owns it.