I think many investors would feel better if they CUT the dividend. At least until oil stabalizes above $55-$60. I think if we see a dividend cut next week during the conference call, the stock will actually go higher.
Since 1998, which is the stats they have on their website, they've never cut the dividend - only raised it almost every year. True, they set this current one in 2008 at the height of the oil bubble - but, they appear committed to sustaining it anyways.
I think it's safe for now. And if oil goes back up to $70 or more by the end of this year, it becomes a moot point.