Oil giant Cenovus has announced they will be cutting 15 percent of staff and will be suspending pay hikes, all in the wake of $472M in losses reported last year.

Officials say the cuts will all be coming from its contract workforce.

Current employees won’t be seeing any raises this year either.

Spending will also be cut on travel, conferences, offsite meetings, and IT upgrades as the company tries to get back into the black.

Last month, Cenovus cut its 2015 capital budget by $700M as it braces for a prolonged stretch of deflated oil prices.

The company’s budget now sits between $1.8 and $2B.

CEO Brian Ferguson said at the time that he is sure crude prices will rebound, but it’s not clear when that will happen.

(With files from the Canadian Press)