Production cuts and/or debt payment cuts......The dividend issue aside, if oil stays in the mid-60 range or lower. Many OIL companies will have to start making some serious decisions regarding debt payment and/or production cuts (especially those that are still highly leveraged). Prodution cuts will likely impact price per barrel over the mid to long-term whereas debt payment delays will crush share price (companies like BTE "2.6 billion in debt" and TVE "1.6 billionin debt" could fall into this catagory).
GXE is in a tough place regarding dividend if oil stays in the 60's but many others will be in a worse situation. Thankfully, GXE has no debt to speak of.
More optomistically, the $15 decline in oil price the past week does not appear to be supported by fundamentals. The oil price will hopefully correct as the global financial worries resolve themselves.
Without doubt, the oil sector is facing interesting times.
glta