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“Good luck to all of us,” is how an analyst concluded Penn West’s conference call Tuesday to explain the latest moves, reflecting the gloom.

Penn West said the 400 layoffs — mostly at its Calgary headquarters — are effective immediately. They represent 35 per cent of its workforce and savings of $45 million a year.

In addition, the mid-sized oil producer is suspending its dividend to save another $20 million a year, reducing board compensation, reducing capital spending by $75 million to $500 million in 2015. Another $150 million to $250 million in capital spending will be cut in 2016, the company said. Hedging contracts could be cashed in to sock away another $75 million.

“We think this cycle is going to be a bit prolonged, and as we have seen many times in the past, when you come off the bottom, you get extreme volatility,” president and CEO Dave Roberts said in the conference call.

“We basically try to set ourselves to make this business work in the $50 Canadian world,” he said, or about US$42 a barrel.

ConocoPhillips Canada said it plans to lay off 400 employees and 100 contractors, mostly based in Calgary, representing 15 per cent of its workforce, by the middle of October.

Those job cuts are in addition to 200 layoffs announced in March.

“We’ve realized we’ve got to be a company that can function in any cost environment,” said spokesman Rob Evans.

Pengrowth cut its dividend by half Tuesday, to one cent per share per quarter, to preserve capital and accelerate debt repayment.