I guess the key is to be able to say down the road we increased the dividend every year, even if the whole company needs to be burned in the boiler to make this stream. Hummmm ... Let me guess what metric defines top level management bonuses.
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Chevron dividend is safe. Employees not safe
CVX closed below $100 share price today. Raising the dividend a penny just to remain on a list doesn't make for a sound future investment in the stock. That penny will cost more asset sales and personnel reductions while Chevron and John Watson wager there soon be oil prices over $60 shortly. The market knows that is a pipe dream and is staying away. Watch for CVX share price to home lower.
Losing and going down in flames is not what I call being in the Aristocrat List. In 4 quarters or less from now, if oil prices remain low, Chevron will be off that list and down the sh!tter. Big gamble.
The entire basis for this dividend raise is to keep CVX on the dividend aristocrat list: https://en.wikipedia.org/wiki/S%26P_500_Dividend_Aristocrats