RE:Keep dividend low, pay down debt...this is a very good idea, the dividend investors have left COS a long time ago so why bother to restore it unless oil prices are back over 100 which noone expects for years and years.
use extra cashflow to pay down the dividend and get stronger and maybe at some point, buy SU's interest in Syncrude at the same valuation they are offering COS.
with lower operating costs even dollar rise in oil price will increase CF and profit and COS will continue to lower costs again in 2016.
DYODD