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Concho Resources cuts annual capital spending by 25%

March 17 (Reuters) - Oil and gas producer Concho Resources Inc said on Tuesday it has reduced its capital expenditure for 2020 by about 25%, becoming the latest North American shale producer to be hit by lower oil prices.

The company said it has reduced spending to about $2 billion from its previously announced range of $2.6 to $2.8 billion. (Reporting by Arunima Kumar in Bengaluru; Editing by Shounak Dasgupta)