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Apache swings to loss in Q1

Apache Corp. said its first-quarter normalized net income amounted to a loss of 40 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 57 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.80.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $150.0 million, compared with income of $713.3 million in the year-earlier period.

The normalized profit margin dropped to negative 84.5% from 21.5% in the year-earlier period.

Total revenue fell 46.5% year over year to $1.78 billion from $3.32 billion, and total operating expenses decreased year over year to $1.96 billion from $1.99 billion.

Reported net income came to a loss of $4.65 billion, or a loss of $12.34 per share, compared with income of $652.6 million, or $1.64 per share, in the prior-year period.