A swift plunge in the price of crude is sending shockwaves across West Texas oil country.

Some producers in the oil-rich Permian Basin are slashing spending plans for 2015 as crude prices have fallen by nearly half in just six months, according to the Midland Reporter-Telegram.

Concho Resources trimmed its $3 billion capital program by a third and will reduce the number of drilling rigs it operates, from 35 to 25 in the second quarter, the newspaper reported Sunday.

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