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Devon Energy swings to loss in Q1

Devon Energy Corp. said its normalized net income for the first quarter amounted to a loss of 28 cents per share, compared with the S&P Capital IQ consensus estimate of 25 cents per share.

The per-share result swung to a loss from the prior-year profit of 92 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $112.5 million, compared with income of $372.5 million in the year-earlier period.

The normalized profit margin fell to negative 3.9% from 9.2% in the year-earlier period.

Total revenue decreased 26.6% on an annual basis to $2.97 billion from $4.04 billion, and total operating expenses declined 9.2% year over year to $3.01 billion from $3.31 billion.

Reported net income came to a loss of $3.61 billion, or a loss of $8.88 per share, compared with income of $319.9 million, or 79 cents per share, in the year-earlier period.