Despite non-stop claims the dividend was the top priority, ConocoPhillips (COP) finally slashed the quarterly dividend 66% to $0.25. The cut was needed as tightening credit markets weren't going to allow the energy explorer to continue borrowing money to pay an unsupportable divy. For Q4 alone, the company spent $300 million more on capital expenditures than operating cash flows leaving the $900 million in dividends to come from borrowings and asset sales. This move along with capex cuts gets them closer to cash flow neutrality. My view on the stock is more neutral now. Disclosure: No position mentioned