Spanish Energy Giant Repsol Writes Down Oil, Gas Assets


Spanish energy company Repsol SA said it is cutting the value of its assets by billions of dollars because the global transition to a lower carbon economy is weakening the outlook for oil and gas prices.

Repsol’s move is the first by a major oil and gas player acknowledging a lower value of its assets was linked to a long-term view that a transition to less carbon-intensive energy will make oil and natural gas less valuable.


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