Why don't we cut the dividend? The shareholders OWN the company. All Chevron employees from MW to the newest hire on the payroll work for the shareholders. They are the people who's interest will be served as priority #1. When you are in charge of running a business you don't cut the owner's income quickly when times get tough, you cut in all other areas that make practical sense before you even consider reducing the money that is returned to the owner (the dividend). Our company is no where even close to needing to cut the dividend. Frankly put, the dividend is more important then many of us (the employees). Sure, we absolutely need employees but we don't need 100% of the current staff to do business, not even close. Employees will be laid off, hired, fired, laid off and rehired again and again before the dividend will be cut. It is that simple. That's why as an employee you should understand your place in the hierarchy. You are no where near as important as the dividend. An unpleasant fact perhaps but a fact nonetheless. So if you can't beat em, join em, buy some company stock in your 401K.
I own significant stock in several major oil companies and I can tell you this RDSA (Shell) recently cut their dividend and as a result, I will never buy their stock again. If you can't survive the tough times without cutting the dividend you are not worthy of handling my hard earned income. Leaders need to run their company in a conservative manner which allows the dividend to be intensely protected, not at ALL costs mind you but not readily either. If you can't weather a year or so of pain your business needs to be re-tooled and your debt to income ratio improved. Shell burned their bridge with many investment firms in 2020. IMO neither Chevron or Exxon will be cutting their dividend anytime soon. Chevron has a better debt to income ratio than Exxon and is about lean out our organization in a big way.
Why is Chevron stock so much higher than Shells, Exxon, BP, Total etc.? Because global investment banks, huge retirement funds and hedge funds know they can count on Chevron to pay the dividend. They know that even with the ups and downs of the stock price over the long haul they will be paid well to own our stock. Its a safe bet.
Why don't executives cut their pay? Power, control and elitism. It would be a nice gesture for sure, but not at all likely to happen. They are captains of industry, from their point of view we are elemental components of a corporate human resource who's role is to serve at their discretion.
Why are the same people in charge? They fought and clawed, wheeled and dealed, maneuvered and shoved their way to the top. You think they are going to give up their prize? Their position was hard won through decades of struggle to the top. Not a chance they just roll over. Its a dog fight with a pot of gold to the victor. The corporate ladder is a battleground.
Well, I know mine is just one perspective but for what it's worth, there you have it.