As many are aware some common stocks pay dividends, and some don't. The company is under no obligation to pay dividends on common shares, and if a dividend on say, CVX exists one quarter, there's no guarantee CVX is willing to pay it the next; maybe they have a more pressing need like CAPEX for expansion or R&D.
But what about preferred shares, where the whole point of owning them is for the fixed dividend? Now obviously if a company can't afford to pay the dividend on the preferred shares, it gets cut and the shares drop in value. But does the contractual structure of the preferred shares make them more resistant to dividend cuts than the common, or in both cases is it completely up to the whims of the board of directors? If company XYZ has enough cash flow to pay the preferred shares, can they still opt out just like they can with the dividend on the common?