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.

Read more

We are in the FINAL HOURS of our 4th of July Super Sale! Get double Patriot Points and free shipping on the hottest items!


Related Articles