(Reuters) – U.S. oil producer Conocophillips (NYSE:) reported the next first-quarter revenue on Thursday, helped by a surge in crude costs following heavy sanctions on Russia after it invaded Ukraine.

The corporate stated it additionally elevated its focused 2022 returns to shareholders by an extra 25%, to a brand new complete of $10 billion.

Crude costs rallied to a decade excessive throughout the reported quarter after america and different nations imposed a raft of sanctions towards prime exporter Russia, at a time gas demand is nearing pre-pandemic ranges.

Benchmark , which broke above the $100 mark within the quarter, was final buying and selling at $110.5 a barrel.

Russia calls its actions in Ukraine a “particular operation”.

Conoco’s complete output for the quarter ended March 31 was 1.75 million barrels of oil equal per day (boepd), up 220,000 boepd from a yr earlier

The corporate stated costs for its oil and fuel section rose practically 70% to $76.99 per barrel of oil equal within the quarter.

The Houston-based firm’s adjusted earnings rose to $4.29 billion, or $3.27 per share, from $902 million, or 69 cents per share, a yr earlier.