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ConocoPhillips Q3 loss narrows YOY

ConocoPhillips said its third-quarter normalized net income came to a loss of 80 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 71 cents per share.

The per-share loss decreased 9.1% year over year from 89 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.00 billion, compared with a loss of $1.10 billion in the year-earlier period.

The normalized profit margin fell to negative 15.8% from negative 14.7% in the year-earlier period.

Total revenue fell 15.1% year over year to $6.36 billion from $7.49 billion, and total operating expenses decreased 15.0% year over year to $7.70 billion from $9.06 billion.

Reported net income totaled a loss of $1.05 billion, or a loss of 84 cents per share, compared with a loss of $1.08 billion, or a loss of 87 cents per share, in the prior-year period.