Bumper BP profits reignite debate over tougher windfall tax

Oil and gas company beats analysts’ forecasts as its profits reach $5bn in the first three months of the year

• Labour calls for energy firms to pay more tax on £60m-a-day profits

BP has defied an easing in energy prices to post one of the largest first-quarter profits in its history, reigniting a debate over windfall gains by oil and gas firms.

The energy company said its underlying profits reached $5bn (£4bn) in the first three months of the year, outstripping analysts’ forecasts.