In ConocoPhillips' 2014 earnings release today, CEO Ryan Lance seems to know that dividend investors are an important segment of the company's share ownership. It quoted that his priorities "are to protect [ConocoPhillips'] dividend and base production, stay on track for cash flow neutrality in 2017, and preserve future opportunities." In order to do that they have reduced future capital expenditures. Other companies in the Energy Select Sector SPDR ETF (XLE) have also announced layoffs and capital expenditure cuts.
The question now is whether the price of oil and other energy products will stay low long enough to threaten cash dividends. If that happens, I project XLE's price to move a lot closer to my Energy Industry Investment Model's estimates.