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Occidental Petroleum swings to loss in Q1

Occidental Petroleum Corp. its first-quarter normalized net income amounted to a loss of 16 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 $1.52.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $122.5 million, compared with income of $1.20 billion in the year-earlier period.

The normalized profit margin dropped to negative 4.0% from 24.3% in the year-earlier period.

Total revenue decreased 37.8% on an annual basis to $3.09 billion from $4.97 billion, and total operating expenses climbed 6.7% on an annual basis to $3.32 billion from $3.11 billion.

Reported net income totaled a loss of $215.5 million, or a loss of 28 cents per share, compared with income of $1.13 billion, or $1.43 per share, in the prior-year period.