BP profits soar amid calls for a windfall tax

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After oil and gas prices went up, profits for the first three months of this year have more than doubled.

The oil giant reported an underlying profit of $6.2 billion compared to the same period last year, which was ahead of expectations.

The increase was due to exceptional oil and gas trading.

Increasing profits have prompted calls for a windfall tax on energy companies to help UK households.

Labour has said before that energy firms making higher profits should pay more tax.

If the companies did not invest enough in the UK's energy supply, the Chancellor would explore a policy. The company plans to invest 18 billion in UK energy by the end of the century.

The decision to exit its stake in Russian energy giant Rosneft resulted in a $24.4 billion hit to the company.

The loss for the first quarter included the cost of exiting its stake in Rosneft.

In a quarter dominated by the tragic events in Ukraine and volatility in energy markets, the focus has been on supplying the reliable energy our customers need.