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CLR - 3 Reasons Why Concho Resources Can Weather The Storm
Continental Resources Inc.
The US shale drillers are feeling the pain of the oil price crash but few are as well prepared to handle the turmoil than Concho Resources (CXO). The Midland, Texas-based company, which focuses on producing oil from the Permian Basin, has recently slashed its spending forecast and will likely keep the production flat in 2020. Concho Resources reduced its cost structure and benefits from having an under-levered balance sheet and a solid hedge book. These factors put the company in a great position to withstand the downturn.