Excellent job on your APC trade and I am 100% in your camp regarding the watching of OXY in the future and I have it on my screen for a potential long position in the future. Yes the common stock dividend yield is quite attractive, but I am going to pass on it for now knowing that have to service that newly issued 12B in debt and the !0B in preferred to Buffett, not to mention the other preferreds before the common holders get paid. However if oil prices continue their downtrend, that will just put added pressure on the company (as it will with most companies) and I am sure that you are aware many smaller companies with high debt levels are teetering on bankruptcy as we speak in the oil patch. Now I am not saying that OXY is in that camp, YET, but if prices deteriorate due to a worldwide slowdown, I assure you that many of the biggies will be sitting outside OXY's door waiting to help if they need it. They are too big and have too many good assets to be forced into bankruptcy, so I too think that in the right circumstance, a purchase of the stock might be warranted more so as a takeout candidate. It will be worth the watch.