Chevron Corporation (CVX) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $2,682 million, or $ 1.41 a share in the quarter, against a net loss of $725 million, or $0.39 a share in the last year period. Revenue during the quarter surged 41.90 percent to $33,421 million from $23,553 million in the previous year period. Gross margin for the quarter contracted 472 basis points over the previous year period to 47.62 percent. Operating margin for the quarter period stood at positive 9.51 percent as compared to a negative 7.26 percent for the previous year period.
Operating income for the quarter was $3,180 million, compared with an operating loss of $1,711 million in the previous year period.
"First quarter earnings and cash flow improved significantly from a year ago,” said chairman and chief executive officer John Watson. "We benefitted from increasing crude oil prices and ongoing efficiencies being implemented across the company."
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