The company reported a net profit of $6.25bn for the January-March period – its highest in over a decade – thanks to strong oil and gas prices that had already proved lucrative before Vladimir Putin’s invasion of Ukraine.
BP’s bottom line loss was driven by a $24bn non-cash writedown of its 19.75% stake in oil giant Rosneft and two other joint ventures following the company’s decision to exit Russia in February.
However, the underlying profit figure prompted further demands of the government to introduce a windfall tax on energy profits – so far rejected by ministers on the grounds such a move would harm investment in the country’s greener future.
