Here's the setup (which, as always, may require tweaking after NY open, since these off hours quotes have a tendency to have wide bid/asks):
Buy 100 shares MRO at 12.59
Sell 1 Feb 19 13 short call
Entire Package 11.20/contract ($1120)
Max Profit: $180 (if called away at $13)
Notes: A word of caution is in order here with this one. The universe of downtrodden oil and gas plays is quite large and is growing (for obvious reasons). http://finance.yahoo.com/news/oil-bankruptcies-mark-devastating-end-164120128.html This company -- along with a bunch of others in the sector and, in particular, those exposed to oil/shale sands operations (this one is) -- may continue to trundle into the dirt. Moreover, is right around the corner (on 2/17) and they, in all likelihood, are going to continue to disappoint. Their last profitable quarter was for the period ending 8/20/14 and the only bright spot has been that, for the last couple of , did not disappoint as much as expected ... .