Oil producers around North America have shut in production and cut spending as the Covid-19 pandemic hammers oil demand and prices. Ovintiv cut its capital spending by $300 million in the second quarter and reduced the number of rigs it has in the field from 23 to seven.

“It is deeply unfortunate, but we had to right-size the organization to align with expected future activity levels,” Hassler said in an interview.

Ovintiv earlier this year changed its name from Encana and moved its headquarters to Denver from Calgary, dealing a morale blow to the Canadian energy industry. Chief Executive Officer Doug Suttles said the move was meant to allow the company to access a broader pool of investors in U.S. markets.