The rising demand for oil and gas contributed to the oil giant ExxonMobil's profits more than doubling in the first three months of this year.

The US energy company claimed that cost-cutting initiatives also helped to boost first-quarter profits to a record $11.4 billion (£9.1 billion), up from $5.5 billion the year before.

Despite declining oil prices and a $200 million loss from windfall taxes the corporation paid in Europe, the increase occurred.

Chevron, a rival US oil company, also announced an increase in profits.

It generated about $6.6 billion between January and March, a 5% increase from the same period last year. It also paid a windfall tax or "energy profits levy" in the UK worth $130 million.

Next week Shell and BP are both set to report their latest results.

Like other big energy companies Exxon has faced criticism about how much it has returned to shareholders off the back of high oil and gas prices.

It said shareholders would receive $8.1bn including dividends and $375m in share buybacks.

ExxonMobil said the rise in profits included a $3.4bn after-tax reduction to exit Russia.

"We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit," chief financial officer Kathryn Mikells told Reuters.

The biggest contributor to the better-than-expected earnings came from strong production growth, driven by the start-up of new offshore developments and refining facilities, she said.

Exxon is currently caught up in a legal case with the European Union - it is suing the EU in an attempt to stop its new windfall tax on oil firms.

It has accused Brussels of exceeding its legal authority, calling the measure "counter-productive" and argued, along with other players in the sector, that the tax would discourage investment.

Peter McNally, an industry analyst at Third Bridge research firm, said Exxon's output had exceeded expectations. The firm's oil and gas production was the highest since 2019.

"The key driver was surging oil production in Canada, but profitability was dragged lower by the collapse in US natural gas prices," he said.

Mr McNally said the company's refining business continued to be a "star performer", delivering earnings of more than $4bn for the fourth consecutive quarter.