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ConocoPhillips swings to loss in Q3

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ConocoPhillips swings to loss in Q3

ConocoPhillips said its normalized net income for the third quarter came to a loss of 82 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 37 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.31.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.02 billion, compared with income of $1.64 billion in the year-earlier period.

The normalized profit margin declined to negative 14.7% from 12.7% in the year-earlier period.

Total revenue decreased 42.0% on an annual basis to $7.49 billion from $12.91 billion, and total operating expenses declined 11.7% from the prior-year period to $8.93 billion from $10.12 billion.

Reported net income came to a loss of $1.08 billion, or a loss of 87 cents per share, compared with income of $1.63 billion, or $1.31 per share, in the prior-year period.