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Cimarex Energy swings to loss in Q1

Cimarex Energy Co. said its first-quarter normalized net income was a loss of 29 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 36 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.61.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $25.1 million, compared with income of $137.6 million in the prior-year period.

The normalized profit margin fell to negative 6.9% from 23.0% in the year-earlier period.

Total revenue fell 39.8% on an annual basis to $361.0 million from $599.2 million, and total operating expenses increased year over year to $392.8 million from $379.2 million.

Reported net income totaled a loss of $415.1 million, or a loss of $4.84 per share, compared with income of $136.2 million, or $1.59 per share, in the year-earlier period.