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Company News

Shale producer Concho second-quarter loss widens

July 29 (Reuters) - U.S. oil and gas producer Concho Resources Inc reported a bigger quarterly loss on Wednesday, hurt by lower crude prices as the COVID-19 pandemic hammered global demand for crude oil and refined products.

The Midland-Texas based company’s net loss widened to $435 million, or $2.23 per share, in the second quarter ended June 30, from $97 million, or 48 cents per share, a year earlier.

Production for the quarter stood at 319,000 barrels of oil equivalent per day (boepd), down from 329,000 boepd in the year-ago period. (Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)

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