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. Receive daily email alerts, subscriber notes & personalize your experience. Register Now 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. “Concho is well positioned to weather the turmoil in the oil markets due to our high-quality asset base, low cost structure, strong balance sheet and large, uncomplicated hedge book,” Concho CEO Tim Leach said in a statement Tuesday. “Additionally, we […]