Chevron Corp. said Friday it had net income of $3.5 billion, or $1.85 a share, in the fourth quarter, down from $4.9 billion, or $2.57 a share, in the year-earlier period, dragged down by the slide in crude oil prices. Revenue fell to $46.088 billion from $56.158 billion. The FactSet consensus was for EPS of $1.64 and revenue of $35.872 billion. "We enter 2015 with the financial strength to meet the challenges of a volatile crude price environment and with significant efforts underway to manage to a lower cost structure and capital spend rate," Chief Executive John Watson said in a statement. Shares were down 0.4% in premarket trade, and have lost 12% in the last three months, while the S&P 500 has gained 1.3%.
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