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ConocoPhillips swings to loss in Q2

ConocoPhillips said its normalized net income for the second quarter came to a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.73.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $55.6 million, compared with income of $2.15 billion in the prior-year period.

The normalized profit margin declined to negative 0.7% from 14.6% in the year-earlier period.

Total revenue fell 41.4% on an annual basis to $8.61 billion from $14.69 billion, and total operating expenses fell 23.4% from the prior-year period to $8.47 billion from $11.06 billion.

Reported net income came to a loss of $186.2 million, or a loss of 15 cents per share, compared with income of $2.04 billion, or $1.64 per share, in the prior-year period.