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Concho Resources swings to loss in Q2

Concho Resources Inc. said its normalized net income for the second quarter came to a loss of $1.02 per share, compared with the S&P Capital IQ consensus estimate of 29 cents per share.

The per-share result swung to a loss from the prior-year profit of 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $119.5 million, compared with income of $14.5 million in the prior-year period.

The normalized profit margin dropped to negative 22.1% from 2.1% in the year-earlier period.

Total revenue decreased 23.7% on an annual basis to $537.4 million from $704.7 million, and total operating expenses climbed 8.6% on an annual basis to $669.5 million from $616.6 million.

Reported net income came to a loss of $120.0 million, or a loss of $1.02 per share, compared with income of $11.6 million, or 11 cents per share, in the year-earlier period.