U.S. oil and gas producer Concho Resources Inc. posted a bigger quarterly loss on July 29, hurt by a sharp decline in crude prices as the COVID-19 pandemic hammered global demand for the commodity and its refined products.

U.S. crude plunged to a stunning low of -$38/bbl in April, and remains about 33% lower from January's levels despite a recent rally.

Concho said average realized prices fell 15.1% to $30.57 per boe, from a year ago.

Production for the second quarter stood at 319,000 boe/d, down from 329,000 boe/d in the year-ago period.

Shares of the company were down 4.7% in extended trade.

The slump in prices, however, was cushioned by cost cutting measures taken by the company which helped it beat Wall Street estimates.

Concho posted an adjusted profit of $1.13 per share, beating analysts' average estimates of 46 cents per share, according to Refinitiv IBES.

Controllable costs, which includes production expenses, cash general and administrative expenses, fell $7.49 per boe, down 25% from last year.

The Midland, Texas-based company's net loss widened to $435 million, or $2.23 per share, in the second quarter ended June 30, from $97 million, or 48 cents per share, a year earlier.

Peer QEP Resources Inc. also reported a quarterly loss of $184.4 million, compared with a year ago profit of $48.8 million.

The Denver-based company reduced its 2020 production outlook to between 28.1 MMboe and 29.6 MMboe from 31.5 MMboe to 33.7 MMboe.

Onshore