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EOG Resources swings to loss in Q2

EOG Resources Inc. said its normalized net income for the second quarter was a loss of $3.7 million, compared with income of $685.6 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.1% from 15.5% in the year-earlier period.

Total revenue fell 42.8% on an annual basis to $2.52 billion from $4.41 billion, and total operating expenses declined 24.3% year over year to $2.48 billion from $3.27 billion.

Reported net income fell 99.2% year over year to $5.5 million, or 1 cents per share, from $707.8 million, or $1.29 per share.