It really seems like Chevron and other oil & gas companies are far more concerned with pleasing their shareholders and protecting their dividends than they are about protecting their employees. Here is an interesting article I found on the subject: https://techstaffer.blog/2020/08/07/chevron-what-oil-gas-companies-are-doing-to-save-their-dividends/
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BP cut their dividend by 50% last week and their stock price is pretty much unchanged.
Its no contribution to state flatly that cutting the dividend will result in such & such. Numerous companies have cut their dividend recently: Gm Ford Boeing Disney... These companies are not going away, at least not because they cut their dividend. There would be some future cost associated with CVX cutting its dividend, and there will be a future (opportunity) cost associated with cutting staff. Until someone shows me a comparison of outcomes for different responses to a severe economic hit, I’m not going to simply accept that the dividend is sacred. Having said all that, Chevron obviously needs to cut staff. Best of luck to all.
Cutting or missed dividend will have a massive and long term impact on the share price, it impacts future growth of the company and the 401k's of employees that are probably too heavy in Chevron to begin with. Even a temporary cut to the 401k match like Exxon is doing would be a much better idea than cutting the dividend.
That is how it should be. Owners take priority over workers working for those owners. Society has been like this for ages if you have not been paying attention. Is it right? I dont know. All I know - that has been the norm.
True story. Their priorities are clear and communicated. If you don't understand that you have not been paying attention.