Permian oil producers continue to slash budgets 25% or more on recession fears

摘要

Houston—Concho Resources and other Permian Basin crude producers have continued to slash their capital budgets by 25% or more as fears of a pandemic-triggered global recession have taken hold. With oil prices hovering near $30/b, Midland, Texas-based Concho said it will cut its 2020 capital budget by more than 25% from about $2.7 billion down to $2 billion, although the Permian pure- play producer did not provide any updates on its drilling rig count or production guidance.