BP Shares Drop Sharply on $2 Billion Impairment Warning 📉

BP shares dropped after the company warned that it expects an impairment charge of up to $2 billion in the second quarter due to weak refining margins and oil trading performance. Refining margins and oil trading are expected to negatively impact BP's second-quarter results negatively, weighing on profit by an estimated $500-700 million. Upstream production is expected to be broadly flat compared to the previous quarter. BP targets $2 billion in cost savings by the end of 2026 through efficiency and simplification programs.