Required mgmt response to competition from natgas and lower profitability. Realigns dividend payout to about 55% of low forecast of 2013 eps of 2.35. This seems reasonable. I sold covered calls and bought a put spread months ago to protect my long position, because it seemed likely they would have to take this action. They cut the dividend about 10% more than I thought, but it should be secure now for a year or two. At this point I would be interested in the stock if I could buy it and sell covered calls so that my basis was around 25 and I was making more than a 5% return (not currently available).