"There will come a day where dividend is at risk and that day is today," Oppenheimer senior analyst Fadel Gheit told CNBC's "Squawk on the Street."
"Not only Chevron, but the rest of the industry is currently funding dividends through additional borrowing. You can't do that forever," Gheit said.
Although Gheit is anticipating Chevron to cut its dividend any day now, the company is likely to seek alternative solutions first. Chevron already stopped its share buyback program last year. In October, Chevron cut 6,000 to 7,000 jobs. The company also announced in December a capital budget cut of 24 percent for 2016.