Repsol writes down $1.5bn in assets as Covid-19 saps demand
The Spanish energy firm said the writedown is based on lower oil price assumptions for 2020 and 2021 of $43 and $49 a barrel, respectively
23 July 2020 - 18:10
Madrid — Spain’s Repsol posted a net loss and wrote down $1.5bn in assets on Thursday as it presented new expectations for oil and gas prices, following most peers in lowering its projections.
The demand-sapping Covid-19 crisis has piled pressure on a sector already hurt by oil prices that have been dragged down by tension over supply and a shift to low-carbon energy sources...
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