Chevron Corp. shares fell 3% in premarket trade Friday, after the company missed profit and revenue estimates for the fourth quarter. The first oil major to report earnings for the fourth quarter said it had net income of $415 million, or 22 cents a share, in the quarter, after a loss of $588 million, or 31 cents a share, in the year-earlier period. Revenue rose to $31.497 billion from $29.247 billion. The FactSet consensus was for earnings of 64 cents a share and revenue of $36.964 billion. "Our 2016 earnings reflect the low oil and gas prices we saw during the year," said CEO John Watson. The company cut capital and operating costs by $14 billion in 2016, leaving it in good share to improve earnings and cash flow in 2017, he said. Shares have gained 40% in the last 12 months, while the S&P 500 has gained 22%.
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