Are dividends back to pre-pandemic levels for oil majors?

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Dividends for Major Oil Companies Have Not Fully Recovered to Pre-Pandemic Levels

Dividends for most of Europe's major oil companies have not yet returned to their pre-pandemic levels, despite significant increases in first-quarter earnings. While companies like Shell and Equinor have raised their payouts in recent months, these distributions remain below the figures observed in 2019. Total is noted as the sole exception, having maintained a steady dividend throughout the pandemic period.
Shell and Equinor's Dividend Adjustments

Shell has implemented two dividend increases over the past six months. However, its first-quarter dividend payout of 17.35 cents per share is still considerably lower than the 47 cents per share distributed prior to the pandemic. Similarly, Equinor raised its dividend to 15 cents per share, which falls short of the 26 cents per share it paid out in 2019.
BP and Repsol's Dividend Reductions

BP's first-quarter dividend of 3.8 pence per share represented approximately half of its 2019 payout. The company is initiating share buybacks, with analysts anticipating an increase in these activities from the third quarter onwards, potentially amounting to at least US$10 billion between 2021 and 2025. Repsol has also reduced its cash payouts, cutting its 2021 and 2022 dividends to €0.60 per share from €1 per share.
Total's Exception in Dividend Stability

In contrast to its peers, Total has maintained a consistent dividend throughout the pandemic. This stability sets it apart from other major European energy firms, which have adjusted their payouts in response to the financial pressures experienced during the pandemic era. The financial performance of these companies has seen a notable recovery, with first-quarter profits in 2021 often exceeding pre-pandemic figures, driven by a rebound in oil prices.

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Are dividends back to pre-pandemic levels for oil majors?

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