Notwithstanding Tuesday’s slide, BP’s shares are up more than 7% this year, helped by the company’s renewed investment drive into oil and gas — a move that has led it to water down some of its earlier climate commitments.

BP still plans to be a net-zero emissions business by 2050, but it has backed away from a target to slash oil and gas production 40% from 2019 levels by 2030. In February, it said 2030 output would now be around 25% lower.

Looking ahead, BP said it expects oil prices to “remain elevated,” following supply cuts by OPEC+ and strengthening demand from China. Gas prices in Europe and Asia would be supported by recovering Chinese demand, restocking of European storage capacity and coal-to-gas switching, it added.

BP’s earnings have reignited calls for higher taxation of energy companies. Governments in Europe imposed windfall taxes on oil company profits over the past year, using the proceeds to help households struggling with rising energy bills.

Keir Starmer, the leader of Britain’s opposition Labour Party, on Tuesday   called  for a “proper” windfall tax to freeze local property taxes and ease the cost-of-living crisis. “These are profits they didn’t expect to make,” he told the BBC.