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Shale producer Concho second-quarter loss widens
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. U.S. crude plunged to a stunning low of -$38 a barrel in April, and remains about 33% lower from January’s levels despite a recent rally. Concho said average realized prices fell 15.1% to $30.57 per barrel of oil equivalent, from a year ago. 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 ... (full story)