Norsk Hydro cut its 2006 oil and gas output target on Friday by about 5 percent due to production shortfalls.
Norsk Hydro shares dropped sharply on the news, but recovered from their steepest losses and traded down 2.7 percent at NOK 164.50 by 11:40 GMT on the Oslo bourse, up from a session low of 161. "[It] is mainly due to unforeseen events in Norway, Canada and US Gulf of Mexico, and somewhat lower gas export from Norway than planned," Norsk Hydro said.
Was there anywhere that Norsk Hydro did forsee events? It almost sounds like a commercial for peak oil pundits.
NHY 1-yr chart: