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Will Chevron (CVX) Stock be Helped by Extended Job Cuts?

NEW YORK (TheStreet) -- Shares of Chevron (CVX - Get Report) are up by 0.13% to $90.03 in mid-morning trading on Friday, after the company announced that it is extending its job cuts to global trading desks, according to Reuters.

The oil company is cutting staff at its global energy trading desks as part of its previously announced plan to cut $3 billion from its budget.

The company's supply and trading group, which has offices at its headquarters in Houston as well as Singapore, London and San Ramon, CA according to Reuters, will be reduced by as much as 10%.

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The cutbacks are a results of falling oil prices that have more than halved over the past year and a half.

In July, the company said that it would lay off 1,500 employees globally, or about 2% of its staff, with two-thirds of those layoffs coming from Texas.