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Marathon Oil swings to loss in Q1

Marathon Oil Corp. said its normalized net income for the first quarter was a loss of 35 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 45 cents per share.

The per-share result swung to a loss from the prior-year profit of 54 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $236.3 million, compared with income of $372.5 million in the prior-year period.

The normalized profit margin declined to negative 15.8% from 13.7% in the year-earlier period.

Total revenue declined 44.8% on an annual basis to $1.50 billion from $2.71 billion, and total operating expenses decreased 15.4% on an annual basis to $1.86 billion from $2.20 billion.

Reported net income totaled a loss of $276.8 million, or a loss of 41 cents per share, compared with income of $396.7 million, or 57 cents per share, in the prior-year period.