Benzinga
Benzinga
  • 4 months ago
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.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02BP shares dropped after warning it expects an impairment charge of up to $2 billion in
00:07the second quarter due to weak refining margins and oil trading performance.
00:11Refining margins and oil trading are expected to negatively impact BP's second quarter results,
00:16weighing on profit by an estimated $500 to $700 million.
00:21Upstream production is expected to be broadly flat compared to the previous quarter.
00:25BP is targeting $2 billion in cost savings by the end of 2026
00:30through efficiency and simplification programs.
00:32For all things money, visit Benzinga.com

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