Encana Corp. plans to eliminate 20% of its workforce, according to various media outlets. The company has also cut its 2016 capital budget to $900 million–$1 billion from its earlier forecast of $1.5 billion–$1.7 billion.
By the end of 2016, Encana’s workforce will be half the size it was in 2013, equating to approximately 1,600 job cuts over three years.
The company plans to focus on its operations in the Permian and Eagle Ford shale fields in Texas, and the Duvernay and Montney fields in Canada. For 2016, Encana also lowered the upper end of its production target to 360,000 barrels of oil equivalent per day (boep/d) from 370,000 boep/d, while maintaining its lower-end target at 340,000 boep/d.