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Cabot Oil & Gas swings to loss in Q2

Cabot Oil & Gas Corp. said its normalized net income for the second quarter amounted to a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

The per-share result swung to a loss from the prior-year profit of 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $26.9 million, compared with income of $122.4 million in the year-earlier period.

The normalized profit margin fell to negative 8.6% from 22.9% in the year-earlier period.

Total revenue declined 41.5% year over year to $313.1 million from $535.5 million, and total operating expenses grew from the prior-year period to $333.5 million from $324.1 million.

Reported net income totaled a loss of $29.0 million, or a loss of 7 cents per share, compared with income of $117.3 million, or 28 cents per share, in the year-earlier period.