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Cimarex Energy swings to loss in Q3

Cimarex Energy Co. said its third-quarter normalized net income was a loss of 8 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 7 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.67.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $7.0 million, compared with income of $143.1 million in the year-earlier period.

The normalized profit margin dropped to negative 2.0% from 22.0% in the year-earlier period.

Total revenue declined 45.2% year over year to $356.1 million from $649.7 million, and total operating expenses decreased 15.6% from the prior-year period to $355.3 million from $421.0 million.

Reported net income totaled a loss of $763.3 million, or a loss of $8.21 per share, compared with income of $141.9 million, or $1.65 per share, in the prior-year period.