U.S. oil and gas producer Concho Resources reported a 25% fall in quarterly profit on July 31, dragged down mainly by lower crude and natural gas prices.
Adjusted net income fell to $139 million, or 69 cents per share, in the second quarter ended June 30, from $185 million, or $1.24 per share, a year earlier.
Concho, which operates in the Delaware and Midland basins of the prolific Permian shale field, said total production rose to 328,681 barrels of oil equivalent per day (boe/d) from 228,958 boe/d a year earlier.
Concho also said it was forming a joint venture with Solaris Water Midstream LLC.
Solaris will manage Concho’s produced water gathering, transportation, disposal and recycling for about 1.6 million acres located primarily in Eddy County, New Mexico, under the agreement.
Neptune Energy and its joint venture partners BP and JAPEX announced the award of new drilling services contracts on Dec. 3 for the Seagull project in the U.K. North Sea.
Midland, Texas-based Endeavor Energy Resources has purchased IFS Applications as the new ERP system of record for its oilfield services division.
Cuadrilla began fracking at the second well at Preston New Road earlier this year, but was forced to stop in August after operations caused a 2.9 magnitude earth tremor.