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Devon Energy swings to loss in Q2

Devon Energy Corp. said its normalized net income for the second quarter amounted to a loss of 54 cents per share, compared with the S&P Capital IQ consensus estimate of 43 cents per share.

The per-share result swung to a loss from the prior-year profit of 71 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $218.0 million, compared with income of $288.8 million in the prior-year period.

The normalized profit margin declined to negative 6.0% from 5.9% in the year-earlier period.

Total revenue fell 25.1% on an annual basis to $3.67 billion from $4.91 billion, and total operating expenses decreased 7.5% from the prior-year period to $3.87 billion from $4.19 billion.

Reported net income came to a loss of $2.82 billion, or a loss of $6.94 per share, compared with income of $665.8 million, or $1.64 per share, in the prior-year period.