Denbury did indeed let 20% go today - about 240 people in both office and field.
10 replies (most recent on top)
For the record, Riley Ridge employees were cut by 10% on the last round, and just shy of 70% on this round.
You are correct that layoffs are not news in the O&G sector today, some companies (mostly service companies supporting drilling) have laid off tens of thousands but unless you are on the inside at Legacy Drive you don't know what all has transpired and if you are on the inside then you are simply spewing a cover up.
Layoffs in O& G are not news anymore. Thousands being let go at once with bigger companies. This is industry wide. The layoffs here are the result of O&G cycle and outside forces. It is effecting ALL O&G companies and not the result of any one field or "ineptness" on the part of this company. Lots of companies filing bankruptcy, lots closing and selling assets, lots laying off people. Companies have to do what they have to do to survive. If you want to find a job you will do better if you build up, not tear down.
Denbury is in deep trouble and laying off a percentage of their workforce is a temporary fix at best. Riley Ridge was an economic disaster to the tune of about 750 million dollars in acquisition and capital investments. The Greencore pipeline from the Lysite Wy to Bell Creek Mt never delivered more than about 30 mmscfd at it best and it was designed and built with the capacity for well over 200 mmscfd, that was about a 250 million dollar fu(k up. There is a continuing environmental nightmare in LA that is approaching 200 million dollars in cleanup. The strategic planning department is a farce. Their management, senior management and executive management all the way up to Phil are seriously lacking in leadership and technical skills. The management and senior management that had any sense of leadership and skill left for greener pastures as they could see the writing on the wall.
Why hasn't this story been picked up by the news media?
Riley Ridge group lost their process engineer
Dingleberry is in a death spiral, the lay off today is one example friends and family stayed many of the most competent people were removed.
The management is inept; take for example Riley Ridge. A poor purchase to begin with into which hundreds of millions of dollars have been wasted. To date it has only lost money. The debacle has been hidden from the board or whoever should be guarding the company. Forty field people and 10-15 in the office, none of these were laid off even though the plant is not running and will not run for years to come. With decision like these it is little wonder why the company has much more debt than it is worth.
Who is managing this company, it is a company of inept leaders that have built a business upon lies and hiding the truth.
DD also had cuts but they were offset by transfers from other teams.
I also heard the head count in DD didn't go down at all.
It was more than 20% in our group. I've been told that cuts were as high as 30% in some departments. Horrible day.