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The oilpatch is bracing for more layoffs, dividend reductions and capex cuts as companies reveal the full impact of a 14-month decline in crude oil prices on their fourth quarter earnings.

Cenovus Energy Inc. said Thursday the “hurricane force” impacting the industry has compelled the oilsands producer to cut its dividend and plan more layoffs this year, while oil services provider Precision Drilling Corp. said it’s suspending its dividend as the company suffered a $271 million net loss in the fourth quarter.

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Cenovus CEO Brian Ferguson said 2015 was a watershed year for the company and for the industry.

“We had a stiff headwind in 2015, which in 2016 has gone to hurricane force. We are well prepared to withstand it,” Ferguson told investors in a conference call.

Cenovus battened down the hatches, cutting its quarterly dividend by 69 per cent, after announcing a net loss of $641 million in the fourth quarter. Full-year profit declined to $618 million, a 17 per cent drop over 2014. The company has scaled back capital spending for 2016 to $1.25 billion, compared to $1.5 billion previously.