Cenovus Energy Inc. released its Second Quarter Results. The report says the company will cut between 300 to 400 jobs in the second half of this year. The energy company also plans to chop its quarterly dividend by 40%.

Shareholders will now receive 16 cents per share, down from the earlier rate of 26.62 cents. Along with that, Cenovus will no longer provide the 3% discount for shareholders who participate in the company’s dividend reinvestment plan.