Shareholder returns back in focus Themes from the oil majors’ Q1 2021 earnings calls

The oil majors reported resilient results for the first quarter, with management teams expressing confidence in a vaccine-led recovery in demand.

However, they cautioned that the recovery will be uneven, with demand for aviation fuel likely to remain weak in the near-term and some large economies experiencing a new wave of COVID infections. Against this backdrop, Analysts focused on capital allocation priorities with particular interest in the outlook for improving shareholder returns.

Read Brunswick's full report here.