Encana Corp. said on Oct. 5 it has made $50 million in cost savings in 2016, continuing a trend of Canadian oil and gas producers squeezing spending in response to the prolonged downturn in global crude prices.

Calgary-based Encana updated its 2016 guidance to reflect savings in production and mineral taxes, and operating, processing and transportation costs. The company now expects to spend $1.1 million-$1.2 million this year, it said in a statement ahead of its investor day in New York.

Shares in Encana were last up 3% on the Toronto Stock Exchange at CA$14.31.

The update from Encana comes two weeks after fellow Canadian crude producer Imperial Oil said its 2016 sustaining capital had dropped 25% to CA$900 million (US$681.41 million) from one year earlier.

Both oil sands and conventional oil producers in Canada have been forced to cut costs aggressively in response to the two-year drop in crude prices, in which prices have more than halved.

While much of savings came from squeezing suppliers into lowering their rates, several major Canadian oil producers including Suncor Energy and Cenovus Energy said they think one-third of those savings will be sustainable even when oil prices recover. (US$1 = 1.3208 Canadian dollars)