Concho Stumble Casts Cloud Over Permian

Concho Stumble Casts Cloud Over Permian
One of the largest oil drillers in America's most prolific shale field is being forced to slow down, casting a dark cloud over an industry already struggling to win back investors.

--With assistance from Michael Bellusci.

To contact the reporter on this story:
Rachel Adams-Heard in Houston at radamsheard@bloomberg.net

To contact the editors responsible for this story:
Simon Casey at scasey4@bloomberg.net
Joe Carroll, Carlos Caminada


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WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Jeremy00  |  August 04, 2019
Lot of engineers and geologist going to need to find another job soon. Incompetent young executives mismanaging all these leases.
Greyman  |  August 04, 2019
Concho is considered the gold standard of Permian pure player. They have the acrrage, supply system, and a leader that can impress analyst and investment community. They now see the writing on the wall. The only long term viable solution is to sell company to a super major that has not done its homework... If Concho continues producing 2nd tier properties with 3rd tier results they will bring the house of cards down...ie free investment money that can never be paid back. Invest 1 dollar get back 33cents for the life of the investment. Once the market realizes you will see capital deployed elsewhere. $400 a night motel 6 will be a distant dream
Paul Lake  |  August 03, 2019
Geoscientist have been telling management (the ones with guts) that this will happen. They of of course were ignored as management kept drinking their own cool aid. Now the US industry has all its eggs in one basket again. Lots of good folks will soon lose their jobs, and upper management will be fine or be given millions to go away.