Exxon Mobil made $5.48 billion in earnings during the first quarter amid the continued oil and gas price surge. The company’s profit is more than doubled that of what it had earned during the same period last year.

The oil and gas giant said it had been forced to write down $3.4 billion due to losses related to its exit from Russia. Including the losses, the company reported earnings of $1.28 per share, lower than the $2.23 per share expected by Wall Street. Total revenues for the quarter were $90.5 billion, significantly higher than the $59.15 billion expected by analysts.

After Russia invaded Ukraine, the price of oil rose rapidly in the first quarter, forcing European nations that rely largely on Russian oil to scramble to find alternate sources. The price of a barrel of U.S. benchmark crude surged from $76 to almost $130 before completing the quarter at $100

Natural gas prices also increased, rising from $3.50 per million British thermal units to around $5.60, causing increases in home heating expenses and energy costs.

Exxon’s stock price grew in tandem with growing energy prices. Exxon stated Friday that it is increasing its stock repurchase program, informing investors that it plans to buy back up to $30 billion worth of stock through 2023. During the quarter, it spent $2.1 billion on share repurchases, giving cash to investors as the stock price soared.

Due to weather-related unscheduled downtime, planned maintenance, and divestments, Exxon’s output decreased to 3.7 million barrels per day of oil equivalent, down 4% from the fourth quarter of 2021. Production in the Permian Basin has since increased, and the company is on course to achieve a 25% growth in 2022 over the previous year.