Chevron net income, revenue rise in 2016 fourth quarter

American energy giant Chevron saw its net income and revenue increase in the fourth quarter of 2016, the company announced on Friday.

The U.S.’ second biggest integrated oil company’s revenue rose by 7.9 percent to $31.5 billion in the last quarter of 2016.

In the fourth quarter of 2015, the company had a revenue of $29.2 billion.

Chevron had a net loss of $588 million in the final quarter of 2015, but this rose to a net income of 415 million in the fourth quarter of 2016.

Chairman and CEO John Watson pointed out to low crude oil prices for the company’s earnings, however added that Chevron has undertaken a number of initiatives to cut expenses.

“We responded aggressively to those conditions, cutting capital and operating expenses by $14 billion,” he said in a statement.

“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,” he added.