Permian producer Concho reports marginal production declines during Q2 2020

摘要

Despite a global demand and price collapse during the second quarter of 2020, large-scale Permian producer Concho Resources posted minimal quarter-over-quarter production losses, and has left its remaining annual oil and gas production outlook unchanged as the company doubles down on drilling efficiencies to reduce cost per foot drilled. "Our organization continues to deliver solid results despite an extremely challenging environment," said Concho CEO Tim Leach, during the company's July 30 second quarter 2020 earnings call. "Across our key initiatives, including reducing costs and improving productivity, the business performed very well and demonstrated our resilience. We remain focused on these initiatives as we position the company to deliver value over the long term." Concho's oil production averaged 200,000 b/d during the second quarter of 2020, which represented a decline of 9,000 b/d from the quarter prior. Price received per barrel of oil equivalent fell from $31.13 to $16.31.