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Management of ConocoPhillips (COP) still refuses to accept the reality of a very rough second quarter. Despite the plunge of oil prices, they are stubbornly clinging to the importance of that dividend. There is an excellent chance that cash flow has been decimated, if it even remains at all. Yet the company insists upon using precious cash and maybe even some of the credit line to maintain something that many competitors do not prioritize in the current situation.
The sad part about this is that ConocoPhillips should be using the dividend to distribute