RE:div cut...Well, since OVV gets 75 % of revenue from liquids, not really sure you should use dry gas prices as an indicator. They do hedge of course, but I don't expect dry gas to recover much over 2 this year, so yeah, gas could be a loss leader for now.
I am attaching a simple copy of cash flow from investing,com
https://www.investing.com/equities/encana-corporation-cash-flow
Note the dividends paid will come in at ~ 104 M$ for the year.
Now look at the reitrement of stock at 1250 M$. That is what can no longer continue.
I expect they will be cash flow positive around 1 B$ this year. They can easily double the dividend IMHO.
What the heck does eastern Ukraine/Europe have to do with gas price for OVV? Granted LNG prices are in the toilet and will remain there for the forseaable future, but as stated, OVV is a liquids company primarily oil.