Shale Drillers Signal Bleak 2020 While Trump Champions Oil Patch
- Concho, WPX, QEP post net losses in a volatile second quarter
- QEP shares dip as much as 12% after cutting production outlook
Photographer: Brittany Sowacke/Bloomberg
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Three shale explorers signaled a grim rest of 2020 for the U.S. oil patch just hours after President Donald Trump arrived in the Permian Basin championing “American energy dominance.”
In second-quarter earnings reports published after the close of trading in New York, QEP Resources Inc. cut its production outlook, WPX Energy Inc. further reduced its capital spending budget, while Concho Resources Inc. stuck with plans to keep crude volumes flat from 2019 levels, ending years of growth. QEP shares dipped as much as 20%.