LONDON—BP reported its strongest operational performance in more than a decade on Tuesday on the back of rocketing oil prices that helped it step up share buybacks, even as a $24 billion writedown from exiting Russia led to a record quarterly loss.
Shares in the energy firm climbed 2.8 percent by 1:11 p.m. GMT in London trading after BP reported its highest operational profit since 2008, encouraging more calls for a windfall tax to help British households and other consumers cope with spiraling fuel bills.
Soaring oil and gas prices in the wake of the Russian invasion of Ukraine on Feb. 24 helped offset losses BP incurred from abruptly abandoning its shareholdings in Russia, including its 19.75 percent stake in oil giant Rosneft.
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