Imperial Oil is set to cut 200 jobs from its workforce.

The oil company announced the planned reduction on Wednesday after assessing their financial situation over the past several months.

Back in March, they stated they would be cutting spending by around $1 billion as the COVID-19 pandemic and commodity price environment, at the time, were posing many challenges.

In a statement posted on their website, Imperial says losing these positions is just another tough decision they’ve had to make.

“Throughout the past year, the company responded aggressively to the challenging business environment by reducing capital and operating expenditures and adjusting project pacing.”

“This work also included an assessment of the company’s current and future business plans, reorganizations, and work-process changes made over the past several years to improve efficiency, reduce costs, and ensure competitiveness.”

Along with these cuts, Imperial had previously suspended hiring and reduced the number of contractors managing workforce levels.

“We recognize any job losses are difficult for individuals and their families who may be affected. Impacted employees will be provided with company support, including outplacement services,” read Imperial’s statement.

The company did not specify where these cuts are coming from.

Meanwhile, Imperial isn’t the first oil company to announce layoffs.

Suncor Energy is planning to cut its workforce by between 10 to 15 per cent over the next 12 to 18 months. Their plan to take over the operatorship of Syncrude is also expected to result in the loss of jobs.

Cenovus Energy also announced in October they would be cutting between 20 and 25 per cent of its workforce following their merger with Husky Energy.