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Marathon Oil swings to loss in Q2

Marathon Oil Corp. said its second-quarter normalized net income was a loss of 32 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 22 cents per share.

The per-share result swung to a loss from the prior-year profit of 55 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $217.5 million, compared with income of $373.8 million in the prior-year period.

The normalized profit margin dropped to negative 14.5% from 12.9% in the year-earlier period.

Total revenue fell 48.2% year over year to $1.50 billion from $2.91 billion, and total operating expenses declined 22.6% from the prior-year period to $1.82 billion from $2.35 billion.

Reported net income came to a loss of $385.9 million, or a loss of 57 cents per share, compared with income of $359.9 million, or 53 cents per share, in the year-earlier period.