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ConocoPhillips swings to loss in Q1

ConocoPhillips said its first-quarter normalized net income amounted to a loss of 21 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 18 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.84.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $259.0 million, compared with income of $2.29 billion in the prior-year period.

The normalized profit margin fell to negative 3.3% from 14.3% in the year-earlier period.

Total revenue declined 50.4% year over year to $7.95 billion from $16.04 billion, and total operating expenses decreased 32.9% on an annual basis to $8.16 billion from $12.16 billion.

Reported net income declined 87.0% year over year to $274.0 million, or 22 cents per share, from $2.10 billion, or $1.69 per share.