March 17, 2020 / 11:16 AM / 11 days ago

Concho Resources cuts annual capital spending by 25%

(Reuters) - Oil and gas producer Concho Resources Inc (CXO.N) said on Tuesday it has reduced its capital expenditure for 2020 by about 25%, becoming the latest North American shale producer to be hit by lower oil prices.

The company said it has reduced spending to about $2 billion from its previously announced range of $2.6 to $2.8 billion.

Reporting by Arunima Kumar in Bengaluru; Editing by Shounak Dasgupta

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