More layoffs are ahead in the battered oil and gas industry.

Cenovus announced Thursday morning it plans to further reduce its workforce this year, which was chopped by 24 per cent in 2015.

The company is also looking at compensation and benefits with the aim to align those with the current business environment.

Cenovus’ President and CEO, along with the four other highest paid executives, will get reduced compensation again this year.

The company expects the workforce measures will account for about 40 per cent of the $200-million in cost savings they want to achieve this year.

Cenovus says they finished 2015 with a strong balance sheet and estimate capital spending of between $1.2-billion and $1.3-billion in 2016.