BP announced its goal of becoming a net zero company by 2050 or sooner in 2020, but recent financial challenges have impacted its stock value. The firm expects to report up to $2 billion in impairments in the second quarter, primarily due to weak refining margins and lower oil trading performance. Additionally, BP anticipates further post-tax asset impairments and contract provisions totaling $1 billion to $2 billion in the same period. Despite these setbacks, the company aims to achieve at least $2 billion in cost savings by 2026. Following former CEO Bernard Looney's resignation, Murray Auchincloss has taken over as permanent CEO as the company navigates through a period of transition. Similar to BP, Shell also expects to incur post-tax impairment charges and reduced trading performance in its second quarter. These financial challenges highlight the struggles faced by major energy companies in the current market.