Thanks for your reply. I am, however, still confused so perhaps you could explain in more detail. I've done quite a few options, many calls, but not involving a merger. Some of my covered calls have been called ahead of expiration and I would receive the strike price times the number of contracts times 100 and finished. When this was exercised early, I received the adjusted strike price of NRGY from $20 adjusted to $16 and the difference in SPH shares which also got taken. This happened a month before expiration. My shares were taken and I received an amount equal to the 20 strike price. It seemed, like any exercised early option, a done deal. This past Friday being the expiration date should be irrelevant.
I hope I'm clear as to what occurred and, if not, I'll call my broker and hopefully not have to go through too many levels.
Thanks again whether you give it another go or not.
When there is any kind of stock slit, merger, spinoff or something which affects the value of shares/units, all existing options contracts are adjusted to reflect whatever happened to the shares. Thus you then help adjusted NRGY options contracts. Your brokerage account should highlight that. For example in Etrade, I have a few adjusted options contracts and they are highlighted with a bold red exclamation mark. For any such, I can drill down and see the precise deliverable and strike price of the adjusted contract. Note that both the deliverable and the strike price may change in the adjusted options contract. In the case of NRGY, what I posted below was what I looked up as the NRGY adjusted options and it matches precisely with what you said happened in your account.
I don't follow NRGY that closely and have forgotten the exact terms of the NRGY-SPH deal, however you can look it up, and I'm sure that you will find it precisely matches the new deliverable on the adjusted options contract.
Bottom line: what happened with your account was correct and you have no cause to think the brokerage did anything wrong. You just need to review the terms of the NRGY-SPH deal and confirm it matches the adjusted options contract deliverable.
P.S. Reading your post again, the final result sounds correct, however I am not sure why it was not all done at the same time when your option got exercised - not sure why the full adjustment was delayed till the option expiration date. That does seem funny, however I never had that happen so cannot comment from personal experience how that usually works.