Will Texas enter a recession in 2015?

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Image Credits: Charles Henry / Flickr

A swift plunge in the price of crude is sending shockwaves across West Texas oil country.

Some producers in the oil-rich Permian Basin are slashing spending plans for 2015 as crude prices have fallen by nearly half in just six months, according to the Midland Reporter-Telegram.

Concho Resources trimmed its $3 billion capital program by a third and will reduce the number of drilling rigs it operates, from 35 to 25 in the second quarter, the newspaper reported Sunday.

By The Associated Press
Read more at The Associated Press

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