Nabors Industries keeps beating its competitors in the cutthroat oil industry because their leaders are usually thinking one step ahead in growth strategies they want to implement, and by far the most important person behind these strategies is CEO Tony Petrello. Petrello led a new acquisition this last year which has now fused the operations of Tesco Corporation into Nabors Industries’ operations. Tesco Corporation has delivered many new drilling patents and has shared much of Nabors Industries’ common interests in increasing its technological capabilities. Petrello feels merging these two companies will be in the best interests of both employees and stockholders. Petrello is also proud to announce a partnership that will open up even more drilling territory in a deal with Saudi Aramco. This deal, known as the SANAD joint venture will be a buyout of several rigs that will increase oil production significantly over the next 10 years.
Tony Petrello has over 20 years of experience leading the oil industry in technology developments and making multi-million dollar business deals. He started out in 1991 as chief operating officer on the Board of Directors, and then he became CEO after longtime businessman and innovator Eugene Isenberg who had previously held that title passed away. At one point Petrello was given a $68.7 million compensation as part of a compromise to Nabors Industries shareholders who wanted some changes in how the company’s accounts were managed, and that made him the highest-paid CEO in the US that year. Since most of that compensation was paid in bonuses, Petrello has not reached that level since.
Anthony Petrello is originally from New Jersey and his passion growing up was mathematics. He was an excellent student during middle school and high school, and after being accepted to Yale University he studied under Serge Lange who formed the theories that make up some important algebra equations. After completing his master’s in advanced math, Petrello made a surprising change and went to law school at Harvard instead of becoming a mathematician. He obtained his J.D. and became an associate at Baker & McKenzie for several years, and then later he became a partner at the firm. It was there that he first got to know the executives of Nabors Industries and was offered the position of chief operating officer. Petrello has made philanthropy in the Houston community very important and has been a trustee for several years at the Texas Children’s Hospital and has given to neurological research there, and he also helped raise money to aid victims of hurricane Harvey this last year.