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We believe that long-term price assumptions made by fossil-fuel-extractive companies in their reports and accounts need to be carefully scrutinised to ensure that they give consideration to a decarbonising world.

We therefore welcome the news that oil and gas company Chevron has announced its decision to lower the long-term commodity price assumptions used in its accounts, in a press release about its capital and exploratory budget for 2020. It reported that this reduction resulted in a $10-11bn impairment on gas and other assets. Chevron further stated that it would be applying increased capital discipline going forward.

This announcement comes just a few days after the Spanish oil and gas company Repsol set out its decision to cut the long-term commodity price assumptions used in its accounts, resulting in a EUR4.8bn impairment.

These announcements are significant. They reflect oil and gas companies’ growing realisation that they face structural reductions in long-term oil and gas prices, rather than merely cyclical lows. Repsol explicitly linked its accounting adjustment to the need to align with the Paris goals and the new economic reality of decarbonisation.

We have been calling on oil and gas companies to review these long-term commodity price assumptions used in financial statements for the past two years, and believe that these announcements are just the beginning of what is to come. Based on our analysis, oil and gas companies have generally used between $70-85 per barrel for impairment testing. And yet Carbon Tracker, a climate research firm, and Aurora, a market intelligence firm, have both suggested Paris-aligned commodity prices closer to $30-40 per barrel.

It is vitally important that audit committees and audit firms act sooner rather than later to ensure prudent assumptions are used, despite the risk of impairments. Overstatement may encourage excessive investment into new fossil fuels. This will not only increase the risk of assets being stranded in the future but work against efforts to combat climate change.

More stewardship news from Sarasin

29 September 2025

Global investors urge scrutiny of Equinor’s climate claims

Last week, Sarasin & Partners alongside like-minded global investors representing $1.3 trillion in assets wrote to Norway’s Financial Supervisory Authority (FSA) to ask it to review Equinor ASA’s climate disclosures, expressing concerns that the company’s repeated claims of alignment with the Paris Agreement and a 1.5°C pathway may be misleading. The investors argue that Equinor’s...

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22 May 2025

Meta Platforms – pre-declaration of votes

Meta Platforms is the owner of Facebook, Instagram, and WhatsApp, and a major player in AI. It is grouped among the ‘Magnificent Seven’ of dominant tech companies. Sarasin has been a shareholder in Meta since 2023, and began engaging with the company in the same year. Engagement on corporate governance and ethical AI In 2023...

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18 March 2025

Public statement on Equinor exit letter

Sarasin & Partners had been a shareholder in Equinor on behalf of our clients since 2021. In January 2025, following years of constructive engagement, we exited our position. We have written to Equinor’s Board to explain our reasons for selling, and are making our letter public today as we believe the points we raise may...

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The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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The information available is not intended for any other person or investor, whether inside or outside the UK, including retail investors.

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The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

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The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the US. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances.

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The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

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This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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By clicking the ‘Accept’ button you confirm that you are a direct investor (as described below), and have read and acknowledged this important information.

If you are not a direct investor as described below, please leave this website.

The contents of this website have been issued by Sarasin & Partners LLP (‘Sarasin’). Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

The information contained within this website is intended solely for the following types of investors:

retail investors resident in Ireland;

professional investors resident/incorporated in Ireland; or

UK investors which became holders of a Sarasin IE Unit Trust prior to 9 December 2024.

The information available is not intended for any other person or investor, whether inside or outside Ireland.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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Important Information

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

The information contained within this section of the website is intended for individual investors resident in the UK only, and is not intended for any investor outside the UK.

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This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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By clicking the ‘Accept’ button you confirm that you are a UK registered charity* or are a person who acts in an investment capacity on behalf of a UK registered charity, and have read and acknowledged this important information.

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The contents of this website have been issued by Sarasin & Partners LLP (‘Sarasin’). Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

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The information contained within this section of the website is intended for UK registered charities and persons who act in an investment capacity on their behalf.

*Charity as defined within the meaning of Section 1 of the Charities Act 2011 and/or paragraph 1(1) of Schedule 6 of the Finance Act 2010; which are organised, incorporated or resident in the UK.

The information available is not intended for any other person or investor, whether inside or outside the UK, including individual investors.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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This website uses cookies. All information about how we use cookies can be found in our Cookie Policy. By using this website, you agree to our use of cookies.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

Important Information

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you confirm that you are a financial intermediary resident/incorporated in the UK, and have read and acknowledged this important information.

If you are not a financial intermediary resident/incorporated in the UK, please leave this section of the website and enter a different section of the website which is appropriate to you via the homepage.

The contents of this website have been issued by Sarasin & Partners LLP (‘Sarasin’). Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This section of the website is intended solely for intermediaries resident or incorporated in the UK.

The information available is not intended for any other person or investor, whether inside or outside the UK, including retail investors.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances.

Cookies and other policies

This website uses cookies. All information about how we use cookies can be found in our Cookie Policy. By using this website, you agree to our use of cookies.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

Important Information

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you confirm that you are an institutional investor incorporated in the UK, and have read and acknowledged this important information.

If you are not an institutional investor incorporated in the UK, please leave this section of the website and enter a different section of the website which is appropriate to you via the homepage.

The contents of this website have been issued by Sarasin & Partners LLP (‘Sarasin’). Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

The information contained within this section of the website is intended solely for institutional investors incorporated in the UK only.

The information available is not intended for any other person or investor, whether inside or outside the UK, including retail investors.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances.

Cookies and other policies

This website uses cookies. All information about how we use cookies can be found in our Cookie Policy. By using this website, you agree to our use of cookies.

Please make sure you have also read our Legal Information, Important Information, Privacy Policy which apply to your use of this website. To access these, please click on the links at the footer of the home page.

Important Information

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you confirm that you are a US person, and have read and acknowledged this important information.

If you are not classified as a US person, please leave this website.

The contents of this website have been issued by Sarasin Asset Management Limited (‘Sarasin’). Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

The information contained within this section of the website is intended for US persons only.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the US. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. All information about how we use cookies can be found in our Cookie Policy. By using this website, you agree to our use of cookies.

Please make sure you have also read our Legal Information, Important Information, Privacy Policy which apply to your use of this website. To access these, please click on the links at the footer of the home page.

Important Information

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you confirm that you are an institutional investor incorporated in the US, and have read and acknowledged this important information.

If you are not an institutional investor incorporated in the US, please leave this section of the website and enter a different section of the website which is appropriate to you via the homepage.

The contents of this website have been issued by Sarasin Asset Management Limited (‘Sarasin’). Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

The information contained within this section of the website is intended solely for institutional investors incorporated in the US only.

The information available is not intended for any other person or investor, whether inside or outside the US, including individual investors.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the US. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances.

Cookies and other policies

This website uses cookies. All information about how we use cookies can be found in our Cookie Policy. By using this website, you agree to our use of cookies.

Please make sure you have also read our Legal Information, Important Information, Privacy Policy which apply to your use of this website. To access these, please click on the links at the footer of the home page.

Important Information

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you confirm that you are an individual investor resident in South Africa, and have read and acknowledged this important information.

The contents of this website have been issued by Sarasin & Partners LLP (‘Sarasin’). Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

The information contained within this section of the website is intended for individual investors resident in South Africa only, and is not intended for any investor outside South Africa.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believes to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. All information about how we use cookies can be found in our Cookie Policy. By using this website, you agree to our use of cookies.

Please make sure you have also read our Legal Information, Important Information, Privacy Policy which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for South Africa residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside South Africa and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

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