Another way, what I did on 05/072013 was to sell the LNCO June 37.50 put for $2.40 making my break even point $35.10
In the past I have opened multiple IRA accounts to split up my MLP shares. It is a lot harder to reach the $1000 limit in any single account this way.
I don't know of any web sites but I am sure there must be a few. I have been selling the way out of the money cash covered puts on LEH where I think the risk is low to moderate given LEH's past performance. Also I have been selling covered calls on all of my oil and gas positions. So far so good. My old buy and hold strategy stock was not working.
I am not shorting LEH but just selling the cash covered $12.50 puts for the easy money for the past 2 months. It just doesn't get any easier than this.
Don't look for this "do nothing Board of Directors" to do anything other than rubber stamp management's recommendations and vote in a 20 cent dividend every QTR. This cast of puppets actually gave the CEO an increase in base salary last year while the shareholders took in on the chin.
I recomend donating those Unocal T-shirts, jackets, and hats to the local homeless shelter. That way everyone can enjoy seeing them show up at all of major I-59 intersections.
Of course the strategy will be to try and convince the shareholders that more value can be created by Unocal on it's own. Similar to what Texaco told their stockholders the first time Chevron tried to buy them, (had to take a lower offer one year later after the extra never showed up).
Anybody ever wonder how many shares of common stock Unocal could of bought back with all of the cash wasted away on their deepwater exploration program? Does anybody know when the contract for the GOM drillship began and at what day rate?
The info relating to submitting a shareholder proposal is in the annual proxy. I think it has to be submitted by December to get on the Proxy. Probably best to contact investor relations. Hopefully there is no significant cost involved. I will make the call.
One thing about leaks, they almost always never stop on their own. Who knows what will happen with the Indonesian oil leak. One thing for sure, Unocal can not afford any kind of environmental disaster. They better fix it before it blows.
I listened to the call. Good news is the 2003 plan and efforts to maintain the dividend. Bad news is that suspended construction on 2 big power plants but will eventually have to start to taking depreciation on them probably in 2004. If power prices don't improve by then look for a big earnings hit.
If there is oil leaking from the main reservoir to the surface then there is a good possibility that there is a lot of oil leaking into the surrounding rock underground. This "lost oil" would be difficult if not impossible to recover. Not a good thing.
I have been thinking of submitting a shareholder proposal "to hire an investment banker to sell the company". This has been a very disappointing investment, even when the stock market was booming UCL could only manage high 30's. If carefully worded to appeal to the 30% of shareholders voting "For" one of last year's stockholder proposals, it might just have a chance. I'm thinking a 30 percent premium sounds about right.