The summer movie season opened with the latest — and reportedly last — entry in the Tom Cruise-propelled “Mission: Impossible” franchise called “The Final Reckoning.” That title reminded us that, to E&P executives, the commodity price crash at the onset of the pandemic in 2020 must have seemed like the final blow in a series of financial crises that brought many of their companies to the verge of bankruptcy. But in a dramatic, “Mission: Impossible”-style recovery, producers restored their battered balance sheets and won back investors by radically shifting cash allocations. In today’s RBN blog, we’ll review the rise of the new E&P hero — dividends — and analyze how producers apportioned cash flows in Q1 2025.