Calgary-based Encana said Wednesday that it will cut 20 percent of its workforce as part of a cost cutting plan.
The company plans to cut 20 percent of its workforce, bringing its total workforce reduction since 2013 to over 50 percent.
Encana has not disclosed how many jobs will be impacted by the cuts or a timeline for the layoffs.
The company expects its cost structure in 2016 to be about $550 million lower than in 2015, with between $200 million and $250 million being new and incremental savings from the company’s previous 2016 guidance.
Encana reported a fourth quarter 2015 cash flow of $383 million, or $0.45 per share, compared to fourth quarter 2014 cash flow of $377 million or $0.51 per share.
Fourth quarter operating earnings increased to $111 million, up from $35 million in the fourth quarter of 2014.
Encana reported a 2015 annual cash flow of $1.4 billion and a 2015 operating loss of $61 million on a full year net loss of $5.2 billion.
The company said its full year net loss was largely tied to after-tax non-cash ceiling test impairments of $4.1 billion and a non-operating foreign exchange loss of about $700 million.
Encana produced 406,800 barrels of oil equivalent per day in the fourth quarter with its four core assets accounting for about 67 percent of total production.
Total liquids production in the fourth quarter jumped 36 percent year-over-year to 145,000 barrels per day.
Full-year 2015 production averaged 405,900 boe per day with liquids averaging 133,400 bpd, a 54 percent increase from 2014.
Encana’s full-year natural gas production was 1.635 billion cubic feet per day.