Tony Petrello is one of America’s most prominent oil company CEOs and he’s stayed at Nabors Industries through its ups and downs over the last 27 years. The 2017 fiscal year closed with a strong performance for the publicly-traded company, and Petrello was also happy to see the new Lower 48 rig upgrade program completed along with the M-800 & M-1000 rigs added to already operating equipment. He attributes these new rigs to the increase in overall drilling production over 2017 and the increase in total revenue to $2.6 billion from $2.2 the previous fiscal year. Two achievements Petrello is most pleased with are the completion of integrating Tesco Corporation’s operations and stock with Nabors Industries, and the beginning of the SANAD venture with Saudi Aramco.
Tony Petrello didn’t come from the oil fields when he took over as CEO of Nabors Industries, but he has shown vision for leading the company forward and keeping them ahead of competitors with drilling technology patents. There’s been a substantial increase in automated software and drilling analytics over the last several years, and the Tesco addition is likely to build an even stronger R&D department. Petrello also made an agreement with shareholders to change the company’s offshore earnings reports back in 2013, and in exchange he received a new contract that increased his bonus pay and equity to total $68.7 million. That elevated him to become the highest-paid CEO of any publicly-owned company that year.
Tony Petrello has been with Nabors Industries since 1991, but before that he was a corporate attorney and an honors student at Yale University. His early life was mentioned briefly in an article by an old roommate of his at the Daily Beast, and according to the roommate, Petrello was the top math student at his high school and then studied under the famous Serge Lange while at Yale University. But he found a new calling in financial law and became an expert in tax codes, mergers and acquisitions, debt, securities trading and other big transactions after getting his JD and joining Baker & McKenzie in 1979. He practiced at the firm for 13 years total.
Tony Petrello has made contributions to non-profits all across Houston, but his largest philanthropy beneficiary has been the Texas Children’s Hospital. $7 million of Petrello’s money has been given to support brain research at their neurology institute. Petrello also started a fundraiser for hurricane Harvey restoration which he matched $170,000 with his own contribution.