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EOG Resources swings to loss in Q3

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EOG Resources swings to loss in Q3

EOG Resources Inc. said its third-quarter normalized net income came to a loss of $7.18 per share, compared with the S&P Capital IQ consensus estimate of a loss of 30 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.88.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.92 billion, compared with income of $1.03 billion in the year-earlier period.

The normalized profit margin declined to negative 182.9% from 22.5% in the year-earlier period.

Total revenue fell 53.3% on an annual basis to $2.14 billion from $4.59 billion, and total operating expenses rose 192.2% on an annual basis to $8.37 billion from $2.86 billion.

Reported net income totaled a loss of $4.08 billion, or a loss of $7.47 per share, compared with income of $1.10 billion, or $2.01 per share, in the year-earlier period.