Revenue and Other Income during the quarter grew 7.21 percent to $7,254 million from $6,766 million in the previous year period. Gross margin for the quarter expanded 400 basis points over the previous year period to 40.86 percent. Operating margin for the quarter period stood at positive 3.83 percent as compared to a negative 70.38 percent for the previous year period.

Operating income for the quarter was $278 million, compared with an operating loss of $4,762 million in the previous year period.

“Our recent performance highlights the significant changes we’ve made as a company to respond to a world of lower and more volatile commodity prices,” said Ryan Lance, chairman and chief executive officer. “For the second quarter in a row our cash from operating activities exceeded capital expenditures and dividends paid. Our capital intensity and cost structure are dramatically lower, we’ve increased our dividend, and our debt reduction and share buyback programs are underway. We are delivering our operational milestones and our 18 BBOE of resources with an average cost of supply less than $40 per barrel Brent represents a deep source of high-return future investments. Our disciplined, returns-focused value proposition will enable us to deliver predictable performance to shareholders through the cycles.”

The company has spent $3,859 million cash to meet investing activities during the year as against cash outgo of $8,655 million in the last year. It has incurred net capital expenditure of $4,538 million on net basis during the year, down 50.03 percent or $4,544 million from year ago.

Cash flow from financing activities was $764 million for the year as against cash outgo of $1,429 million in the last year period.

Cash and cash equivalents stood at $3,610 million as on Dec. 31, 2016, up 52.45 percent or $1,242 million from $2,368 million on Dec. 31, 2015.