Where was your crystal ball back in March?  If they thought that they would have to eliminate the dividend completely, they would have done it.  At the current stock price the new dividend will be around 15% - almost the same as it was before the s--t hit the fan.  If one of the many accretive acquisitions floating around these days happens to interest them, they can always issue stock - like the darling of the oil patch Crescent Point does every time it buys growth.