Your math is correct but I don't think we fall that far. What COP investors need to ask themselves is how much premium are you willing to risk against a future recovery of oil prices. And more important how long are you willing to wait. The longer the wait the bigger the risk of a dividend cut.
I know exactly what you mean about real estate people, Manuel. Here's my favorite quote: "God's not making any more real estate! Haw, haw, haw!" (When said it is always accompanied by a knowing wink of the eye.