With the recent dividend cut of COP, the stock is on my sell list. Why not sell right away ? I would take a significant loss selling now. I believe the oil price will rise in the next few months, and I would be able to sell at a much better price. Of course timing the market isn't a good strategy, but I believe some patience can be rewarding as well. In the mean time COP keeps paying me, albeit less than before.
I'm long CVX as well. CVX has not raised dividends, but not lowered them either. The pressure on oil companies may lead to some consolidation down the road and the larger companies will survive and pick up the smaller ones on the cheap.
In summary, I'm looking for a good point to exit COP. For example after oil swings up into the mid 40s, COP and all other oil stocks usually rise with it, and I'll exit. I'll hold on to CVX as long as they maintain their dividend.