Following their announcement of job cuts earlier this month, Encana has laid off 200 employees this week.

On November 5, the company said they would be cutting 800 jobs this year as part of its restructuring plan.

New CEO Doug Suttles said that the company would be undergoing some major changes and it would become a much leaner, more profitable company because of them.

Encana released a statement on Friday morning that the layoffs are a difficult part of that transition.

Their full statement is as follows:

"This is a very difficult part of our transition as we work to make our business more streamlined and align our organizational structure with our new strategy. These job reductions are impacting every part of our company. We are not providing specific details of how these reductions are impacting any single area.

This restructuring and shift in strategic direction will make Encana a stronger company going forward. However, it is tough to say goodbye to many talented and dedicated people who have contributed so much to our company. For those staff who are leaving us, we would like to extend our thanks for their hard work over the years. We are committed to treating everyone affected with fairness and respect as we work through this difficult part of our transition."

The job cuts should be mostly complete by the end of this year, Suttles said earlier this month. He recently announced a reorganization of the company's management ranks, which included the departure of five executives.

Encana also announced that its quarterly dividend will be cut to seven cents from 20 cents per share -- a move that had widely been expected.

(With files from BNN's Jameson Berkow and the Canadian Press)