The company reported a net profit of $ 6.25 billion for the January-March period – the highest in a decade – thanks to strong oil and gas prices that had already proved lucrative before Vladimir Putin’s invasion. However, its end result was hit by the $ 24 billion impairment of its 19.75% stake in Russian oil giant Rosneft and two other joint ventures. The British BP has said it is making a bigger commitment to domestic energy security through an 18 18 billion investment over the next eight years, which will include oil and gas money in the North Sea – companies that will bring in 1 1 billion in taxes to the Ministry UK Finance this year alone. However, he said the investment would also include commitments to reduce operating emissions as part of its transition to combating climate change under the Integrated Energy Company (IEC) net zero ambition. “We support Britain,” said Bernard Looney, chief executive officer. He told investors: “In a quarter dominated by the tragic events in Ukraine and the instability in the energy markets, BP focused on providing the reliable energy our customers need. “Our decision in February to withdraw from Rosneft resulted in significant cash losses and losses reported today. “But it has not changed our strategy, our financial context or our expectations for shareholder distributions. “The important thing is that BP continues to deliver and we are making progress step by step in the implementation of our IEC strategy – producing durable hydrocarbons to provide energy security, while investing with discipline in the energy transition.” BP wants to advance its role in promoting energy security, as the industry continues to face political demands for an unexpected profit tax as gas costs reach record levels. BP has also benefited from higher oil prices for 14 years, although values ​​for both have fluctuated wildly since Russian tanks first entered Ukraine in late February. Its net profit is $ 6.25 billion compared to the $ 4.1 billion it achieved in the previous quarter. The company said it would reward shareholders by keeping its dividend at 5.46 cents a share and boost its share repurchase program to $ 1.5 billion a quarter. The stock – up 20% year on year – has risen more than 3% in the open.