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Continental Resources swings to loss in Q2

Continental Resources Inc. said its second-quarter normalized net income was a loss of 3 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 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $10.0 million, compared with income of $101.4 million in the year-earlier period.

The normalized profit margin declined to negative 1.3% from 8.8% in the year-earlier period.

Total revenue fell 30.3% on an annual basis to $801.1 million from $1.15 billion, and total operating expenses declined 19.2% on an annual basis to $739.2 million from $914.4 million.

Reported net income decreased 99.6% on an annual basis to $403,000, or 0 cents per share, from $103.7 million, or 28 cents per share.