Labour and the SNP have slammed the Tory Government after BP said it made more than half-a-billion pounds more than expected in just three months.
The oil giant said it made just under £4 billion in underlying replacement cost profit between January and March due to a strong performance in its oil trading business.
The profit is less than last year but apart from that is the best result BP has reported in at least a decade.
The drop from last year is largely down to BP getting less money for the oil and gas it sold, although it was partly offset by an exceptional performance in gas.
It is also around £560 million more than analysts who follow the oil company thought it would make.
The SNP have called for the UK Government to reinvest money made from a windfall tax to be reinvested in Scotland, while Labour renewed calls for the Tories to ensure oil companies are hit with a “proper” windfall tax.
SNP Economy spokesperson Stewart Hosie said: "With energy companies reporting bumper profits, the Tories must hand north sea oil and gas profits back to Scotland, instead of hoarding them at Westminster.
"Scotland is an energy rich country - and it's utterly shameful that, under the Tories, millions of Scottish families are being forced to pay through the nose for energy bills, while the Westminster Treasury reaps the benefits of Scotland's energy wealth.
"The money raised through the windfall tax on oil and gas companies must be reinvested in Scotland. The UK government must use it to bring down energy bills in Scotland and finally match the Scottish Government's £500million just transition fund.
"The Tories and Labour Party are both guilty of taking billions from Scotland's energy wealth and failing to reinvest it in our communities - with Keir Starmer admitting today he would use Scotland's energy wealth to fund a council tax freeze in England.
"The time for excuses is over. Westminster must reinvest Scotland’s energy wealth back into Scotland’s communities."
Labour leader Keir Starmer told BBC Breakfast: “This is a cost-of-living crisis. It’s about choices. Labour is choosing to use those excess profits, use a proper windfall tax and use that directly to help people with the bills that they’re struggling with.
Starmer said the UK Government’s windfall tax has a loophole that allows them to reduce the amount they pay if they invest in new oil and gas exploration in the UK.
“They’ve put a loophole in for that which means that the amount of money that is yielded from that tax is much reduced from what it could be."
The Government’s energy profits levy charges means companies are charged 75 per cent on the profits they make in the North Sea.
But for every pound they invest in their UK oil and gas business they can write down their tax by 91p.
The Government says this will encourage investment in the UK and protect the country’s energy security.
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