BP reports its highest profits in 8 years

• BP also offered new details on its wider — and previously announced — goal of becoming a "net-zero" company by 2050.
• The company now expects that by 2025, over 40% of its capital investments will go toward its "transition growth businesses" that include renewables, EV charging, hydrogen and other areas.

Why it matters: The earnings signal Big Oil's financial recovery on the strength of higher commodity prices.

• The targets show the majors — especially Europe-based multinationals — are diversifying even as fossil fuels remain their main business.