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Noble Energy swings to loss in Q1

Noble Energy Inc. said its first-quarter normalized net income was a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

The per-share result swung to a loss from the prior-year profit of 47 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $26.3 million, compared with income of $173.1 million in the prior-year period.

The normalized profit margin dropped to negative 3.5% from 13.0% in the year-earlier period.

Total revenue fell 44.2% on an annual basis to $741.0 million from $1.33 billion, and total operating expenses declined 29.3% on an annual basis to $745.0 million from $1.05 billion.

Reported net income totaled a loss of $22.2 million, or a loss of 6 cents per share, compared with income of $200.8 million, or 55 cents per share, in the prior-year period.