Chevron Corporation (CVX) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $415 million, or $ 0.22 a share in the quarter, against a net loss of $588 million, or $0.31 a share in the last year period. Revenue during the quarter grew 7.69 percent to $31,497 million from $29,247 million in the previous year period. Gross margin for the quarter contracted 408 basis points over the previous year period to 46.10 percent. Operating margin for the quarter period stood at positive 1.81 percent as compared to a negative 7.56 percent for the previous year period.
Operating income for the quarter was $570 million, compared with an operating loss of $2,210 million in the previous year period.
"Our 2016 earnings reflect the low oil and gas prices we saw during the year," said chairman and chief executive officer John Watson. "We responded aggressively to those conditions, cutting capital and operating expenses by $14 billion. We are well positioned to improve earnings and be cash flow balanced in 2017 through continued tight spending and cost control and additional revenue from expected production growth. That confidence enabled us to increase the 2016 annual dividend payout for the 29th consecutive year."
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