2017 was a good year for oil company Nabors Industries, and their financial reports showed their overall income was up quite a bit over this last year. In addition, Nabors Industries’ operational net losses were down from where they were the year before and Chairman Tony Petrello likes what he sees in the reports. Petrello Says he’s pleased with how the company budget has been managed, and he’s also happy that several new rigs have been rolled out at various stations around the world. Petrello also noted the deal that was made to merge Tesco Corporation with Nabors Industries and how that could mean even stronger developments in wells and analytical software. Also praised by Petrello was a new partnership with Saudi Aramco that will lead to more offshore well installations.
Tony Petrello achieved his position as CEO of Nabors Industries coming out of a working family background. He had a special talent in mathematics that led to his attending Yale University and becoming the protege of famous mathematician Serge Lange, according to what his former roommate Lloyd Grove mentions in a Daily Beast article. But even though he completed his bachelor’s degree and even went through grad school in mathematics, Petrello decided to practice law and in 1979 he was hired at the New York offices of Baker & McKenzie. He helped many clients out with navigating through corporate tax laws and helping organize mergers and acquisitions. He became a partner at Baker & McKenzie in 1986 and in the next five years worked closely with the Board of Directors of Nabors Industries. He was hired by them as chief operating officer in 1991, and more than 20 years later after becoming chairman he was given a bonus compensation making him the highest-paid executive on a publicly-traded company at 68.7 million.
Tony Petrello has been tough on making deals in the oil industry, but he’s had a different side as a philanthropist in Houston. He has sought to help young children who suffer from brain problems including his own daughter Carena who was diagnosed with periventricular leukomalacia when she was born, and she currently deals with cerebral palsy. But the Texas Children’s Hospital in Houston has built a research center with some of the top doctors in the field, and Tony Petrello along with his friends Dan and Jan Duncan have helped it grow over the years. Petrello’s support for the center has totaled $7 million.
Check more about Anthony Petrello: https://patch.com/texas/across-tx/how-tony-petrello-helped-houston-hurricane-harvey-relief