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Chevron slashes 2016 budget to weather low oil prices

A Chevron gas station sign is pictured at one of their retain gas stations in Cardiff, California October 9, 2013.

Chevron Corp (CVX.N), the second-largest U.S.-based oil producer, slashed its 2016 capital budget by 25 percent and said it would lay off roughly 10 percent of its workforce, one of the most-drastic reactions to date to the plunge in crude prices CLc1.

The price drop has forced Chevron and dozens of its peers to make tough decisions about what projects to fund or not fund in order to offset natural declines at its existing fields.

The choices are that much starker at large international oil giants like Chevron that rely heavily...


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