BP shares drop 3% after warning of up to $2 billion impairment, weak refining margins

BP in 2020 set out its ambition to become a net zero company "by 2050 or sooner." The energy firm also expects to record post-tax asset impairments and contract provisions in the range of $1 billon to $2 billion in the second quarter. The hit includes charges relating to BP's ongoing review of its Gelsenkirchen refinery in Germany. The firm is targeting at least $2 billion in cash cost savings by the end of 2026. Weaker margin in fuels and lower gas and oil prices impacted BP's results in the first quarter, ...