BPThe company posted record profits for the first quarter and increased share purchases, even though it suffered a significant loss following its sale of nearly 20% in Russian-controlled Rosneft.

It reached $6.2 Billion, which is the highest figure in more than 10 years.

Compare that to the $4.1 billion profit made in fourth quarterThe total cost of the project is $2.6 billion first quarterOf 2021. According to Refinitiv, analysts had predicted that BP would report a first-quarter profit in excess of $4.5 billion.

Oil and gas major BP also announced $2.5 billion more in shares buybacks.

However, BP posted a $20.4 billion headline loss in the third quarter. These included $24 billion in non-cash pretax charges and $1.5 billion related to Rosneft’s exit as a result of Moscow’s invasion.

Bernard Looney, CEO at BP told CNBC’s Squawk Box Europe on Tuesday: “We made the decision that Russia would be expelled within 96 hours after the invasion occurred.”

Looney said trading had a “very good” start to the year and net debt — which fell to $27.5 billion — was reduced for the eighth consecutive quarter.

“All things considered, the quarter was good for the company in an underlying way,” he said.

Looney answered, “We’ve been very clear. This is our announcement of intention to leave this country. As I stated, that was a quick decision. We wouldn’t comment, and that is something I don’t want to comment on this morning.

While the EU has just released its sixth round of economic sanctions on Russia, its first quarter results show that the EU’s performance is still uneven. The bloc continues to be divided about how to reduce Russia’s dependence on its energy supply.

U.K. oil & gas giants are facing the threat of a windfall tax in order to finance a national program of assistance for families affected by spiraling energy prices.

After repeatedly refusing to accept the policy, Britain’s Finance Minister Rishi Moonak has apparently opened up the possibility of a tax on oil-and gas suppliers.

After reaching multi-year highs earlier in the year, oil prices hover around $100 per barrel.

International benchmark BrentCrude futures were trading at $106.95 in London morning deals, down 0.6% from the previous session. West Texas IntermediateFutures closed at $104.62. around 0.5% lower.

BP shares, which are listed in London, rose 2% within minutes of the opening bell. Over 18% has been achieved in the stock price of the company over the last year.

BP announced a huge increase in its full-year profit in 2021. This was due to rising commodity prices. Last year saw a rebound in global oil demand, as gasoline and diesel consumption surged after consumers returned to travel and businesses recovered from the pandemic.