Thread regarding Denbury Resources Inc. layoffs

Denbury Resources Layoffs- Why did it fail in the last 4-5 years?

It was a sad day at Denbury with so many people being let go. Some of these could have been prevented if the upper management was prudent enough to enforce hiring smart, educated people instead of encouraging hiring friends.

A lot of us were let go. Coming from the accounting side, we have seen a lot of money wasted without absolute logic.

  1. HR department is a joke. Excellent resources are let go and incompetent people are kept. No wonder Denbury has seen major decline over the past 4-5 years and it's sad that CEO and CFO are just watching and not doing anything.

There are way too many HR people for this size company.

  1. Another department that CEO/CFO/Board has to step in and investigate is "IT Department"

a. We have heard from IT folks there are way too many managers and are not even qualified. That includes the VP of IT.

b. It is preposterous that IT still has a position called PMO. Several of IT people have indicated this was a position created by VP of IT when it is really not needed. There is a lot of nepotism causing several good IT people either leaving Denbury or laid off.

c. Our Accounting VP clearly rolled out all contractors to save money.

Coaching: Seriously?? We in accounting have seen invoices. IT VP is spending $250/hour on coaching when CEO is urging to save every penny. Hello are we hearing?? We have also heard that VP is pushing coaching for personal benefits. Upper management please investigate.

Is the IT VP getting kickbacks?

On one hand Denbury is urging us to save pennies, while IT VP is spending like crazy

  1. Even in other areas, why do we need so many managers?

  2. CFO hired an incompetent head for IT who happens to be his friend. Seriously? Don't you want a VP of IT who is really qualified? One of the IT's best employee (Director) quit due to this VP. What has the upper management done? Several other employees have left due to the same reason. IT VP is not positively contributing to Denbury and yet he survives the layoff. Well done Denbury.

  3. There are way too many Directors in Accounting. Are they qualified enough? Some of the Assistant Controllers are a joke. What do they do? Why do we need Assistant controllers and then Managers?

Oil prices have certainly contributed to the downfall but Denbury has major root issues starting from the top person. More than half of the executives are not qualified. We are spending a lot on these people with no positive outcome.

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| 4931 views | | 11 replies (last March 3, 2016) | Reply
Post ID: @OP+GcJuUWM

11 replies (most recent on top)

Denbury, wake up! Hiring friends and letting go of the the employees that are either and both educated and knowledgeable, longtime employees.

There have been employees hired, in upper management from failing companies that their friends from the failing company had contacted them, for a job. The failing company was due to part of these employees roles in that company. They have been hired at Denbury, riding those tails. Hired when Denbury was doing lay offs and the down turn, within the last 6-8 months. These employees did not have education to put down nor did they have the standout field work, just had a friend in the right position at Denbury. Denbury, wake up, letting a employee hire his buddy that called because he was going to be let go from his job, OPEN YOUR EYES! Denbury has those flawed employees now. That's what you call a BullShitter, not a Specialist! Good Ole Boy syndrome!

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Post ID: @2auu+GcJuUWM

Hmmm, perhaps he got more work done in his "6" hour day than some other people did in their "10" hour day where they showed up yet did absolutely NOTHING productive. I've witnessed that.

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Post ID: @2gli+GcJuUWM

How did the guy in RM make it that shows up an hour late everyday reads his kindle all day goes home to pet his dog for 2 hours at lunch everyday and then leave an hour everyday? A lot of good hardworking people were let go.

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Post ID: @2vmr+GcJuUWM

I agree with some of what was said. One of the big problems since ~2009 and probably before was/ is that "managers" would make work for the field teams. One manager used to say "my job is to make sure you had what you need to do your job" physical objects. No projects were ever finalized. I be leave that they did this because they had too many geologists, geophysicists and engineers and not enough real work to be done. Why did it take so many geologists when the fields were already existing and all that was really needed was to check/the tops and update the maps when new wells were drilled. Not surprised what was happening and not entirely due to oil price. Some people said the best part of working there was free breakfast and lunch then quiting time.

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Post ID: @2jvx+GcJuUWM

I don't think many employees truly understand the requirements of the positions in departments other than their own or even how the work other departments do can effect and improve the work that they do! However looking at everything lately one thing seems certain, Denbury does not always hire people that are 100% qualified, knowledgeable, and skilled for the positions they are in.

I believe that some people are highly motivated, detailed, hard working, honest, willing to learn, and care about their work so have the ability to grow and learn the job they are in even if not 100% qualified when hired. Others seem to do a "good enough" job and just kinda skate by haha. Some other people seem downright lazy, know nothing about the position they are in, are not willing to learn, sloppy, have no integrity, and don't care about their work at all!

I've seen a few of these "don't care" types and they were great bullshitters with charming personalities that always relied on someone knowledgeable to carry the load. They manipulated management into thinking they knew what they were doing because the managers were too busy to see it or too afraid to confront it. The sad thing is really great employees end up leaving when they are in this type of situation. This effects the company as a whole yet there was an opportunity all along to change it by holding these type of employees accountable.

I'm not so sure this is just a Denbury problem but maybe more a people problem that exists in many companies. I think the solution is tighter screening of applicants, examples of accomplishments rather than "stories" about them, awareness of what is actually going on in the workgroups, the employees work loads, their accomplishments, who is doing what, if employees take credit for the work others do, testing employees knowledge, etc.

After reading through a lot of the posts on this site regarding poor employee performance, I can see how Denbury got here. The question I have is what can we do as individuals to make it better? If we survive this downturn how can we come out better? Sure, I have some frustrations but I love the work that I do and am damn good at it so just trying to make the best of it!

Prayers going out for those who were laid off. May it be a blessing in disguise and lead to a wonderful new chapter in your lives!

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Post ID: @2usf+GcJuUWM

I used to work there as well. I can't argue with anything that was posted. We used to joke that Denbury was an accounting company that did oil and gas part time. Lol

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Post ID: @1uip+GcJuUWM

Unfortunately, management will probably never see this post. And even if they do, they will write it off as "sour grapes".

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Post ID: @1fbm+GcJuUWM

The turning point may have been the Encore acquisition. Very interesting deal.

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Post ID: @lff+GcJuUWM

Didn't accounting have their own building? I believe Denbury had more accountants than technical staff. I think management forgot who actually makes money for the company.

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Post ID: @mfe+GcJuUWM

I hope someone from upper management look at it now and take some action otherwise they will all end up here on "thelayoff" sooner or later.

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Post ID: @pzb+GcJuUWM

I left nearly two years ago from the revenue department.all the people that I was close with have left too. It was getting bad back then. How bad was accounting hit? Sorry you lost your job. I ended up moving to Houston fora job and the market down here is terrible.

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Post ID: @iam+GcJuUWM

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