This one has come off very hard. The refining and downstream pieces were disappointing in the 4th quarter. EBITDA was 40%-50% weighted to the downstream but they are coming into a period where refining should do extremely well.

Great dividend yield of 4.4% and defensive. Cheap on a price to book and earnings per share. Great relationship with the regulator and they are a utility.

Reasonably valued oil/gas company that has opportunity for upside surprises but doesn't have the implications of the Cdn$ and the cost side going up with the commodity going up. Have prospective developments and opportunities in 4 areas of the world, Brazil, Gulf of Mexico, Ghana and Libya. You have fair value at this price.

(A Top Pick Feb 21/07. Up 2% including dividends.)Thought there would be more of a catalyst by selling their oil/gas properties, which they did, but management paid themselves $16 million in bonuses. Now might be an interesting time to look at this.

(A Top Pick Feb 21/07. Down 11.8%.) Has been a bit disappointing, but is a North Sea junior oil producer that has gone from prospect of producer to producer. It will eventually take off but for now, a wait and see. Hold.

(A Top Pick Feb 21/07. Up 10%.) Considers this as a Hold now. Costs are starting to escalate.

A good name. They knocked against it has been that it had a short reserve life. In the last year, they have proven up a couple of new fields in the North Sea which gives you $50-$60 netback/margin versus $26 in Alberta.