Alberta-based Encana confirmed Friday that it laid off 200 employees in July after reporting a $1.61 billion loss in the second quarter.
According to Reuters, the company laid off 200 employees this month and had about 3,129 employees as of the end of December 2014.
“Our costs will continue to come down, and they need to, because the price of our product has dropped,” Encana CEO Doug Suttles told Reuters.
Encana cut 1,200 jobs in 2013 as part of its plan to move away from low-value natural gas production, Reuters added.
The company booked a $1.61 billion net loss for the second quarter, or a $1.91 loss per share, compared to $281 million in earnings during the same period last year.
Encana reported $830 million in revenues net of royalties for the quarter, down from $1.58 billion in revenues during the second quarter of 2014.
The company recorded a $1.33 billion impairment charge in the second quarter, up from a $1.22 billion impairment charge recorded in the first quarter.