Cenovus Energy is once again lowering its 2020 budget due to the low oil prices and COVID-19.

The oil company announced on Thursday they’re lowering their capital spending by an additional $150 million after they decreased it by $450 million back in early March.

They’re now expected to spend between $750 million to $850 million – a 43 per cent drop from the budget they announced in December.

“We are taking proactive steps to address the current business environment while continuing to focus on the safety of our people and assets and maintaining reliable performance at our operations,” said Alex Pourbaix, Cenovus President & CEO.

Cenovus is also forecasting operating cost reductions of about $100 million and general and administrative cost reductions of about $50 million.

The company is also reducing salaries.

Pourbaix and all Board Members will be taking a 25 per cent cut, while other executive team members will see their salaries decrease by 15 per cent.

“We have positioned the company with ample liquidity and a strong balance sheet to manage through this unpredictable global downturn,” added Pourbaix.