012015gaspumpA 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.  Although the board of Elevation Resources approved a $227 million capital budget in December, Elevation chief executive Steve Pruett says he will ask the board to cut the budget to $100 million. “We are going to invest as little as we can in this environment,” Pruett said. Diamondback Energy, another Midland-based operator, is also revising its plans for 2015. The capital budget has been scaled back by more than 40 percent to $450 million, according to Travis Stice, Diamondback’s chief executive. More