Spanish Energy Giant Repsol Writes Down Oil, Gas Assets

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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.

The…



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