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Anadarko Petroleum swings to loss in Q1

Anadarko Petroleum Corp. said its normalized net income for the first quarter came to a loss of $5.31 per share, compared with the S&P Capital IQ consensus estimate of a loss of 62 cents per share.

The per-share result swung to a loss from the prior-year profit of $4.62.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.69 billion, compared with income of $2.33 billion in the year-earlier period.

The normalized profit margin fell to negative 105.7% from 53.7% in the year-earlier period.

Total revenue declined 40.4% year over year to $2.58 billion from $4.34 billion, and total operating expenses increased 109.9% on an annual basis to $6.47 billion from $3.08 billion.

Reported net income totaled a loss of $3.27 billion, or a loss of $6.45 per share, compared with a loss of $2.67 billion, or a loss of $5.30 per share, in the prior-year period.