Companies report losses

Two Midland oilfield companies have reported losses for the recently ended second quarter of 2009.

Basic Energy Services reported that it had a net loss of $21.2 million during the quarter. During the same period in 2008, the company posted a profit of $18.7 million.

Concho Resources, meanwhile, announced it had lost a net $33.2 million during the second quarter of 2009. That company suffered a net loss of $14.4 million in the second quarter of 2008.

Concho reported production of 2.7 million barrels of oil equivalents, an 88 percent increase over the second quarter of 2008 and a 9 percent increase over the first quarter of 2009.

In the West Texas Permian Basin, Concho reported it drilled 17 wells during the first quarter, with a 75 percent success rate on the eight wells that had been completed. In the New Mexico Permian Basin area, the company reported drilling 49 wells, with a 100 percent success rate on the completed wells.