Nabors Industries released its financial statements not long ago and there was good news for the company overall as it saw its operating revenue increase especially in the fourth quarter in the year while its operating losses decreased in that same time frame. Some of these losses were recorded as part of the multi-million dollar deal that Nabors made to buyout Tesco Corporation. While the extensiveness of all the financial reports are quite a bit technical, Chairman Tony Petrello was happy with the results stating that the 2017 year was a great improvement in revenue results and is also excited about several new drilling rig technologies that are being rolled out. He also is looking forward to what a new venture with the Saudi-based Aramco company will do for Nabors Industries’ profit margins.
The multi-million dollar deals Nabors Industries has made with Tesco and Aramco are just the latest of deals that have built the company into one of the biggest holders of oil drilling technology. The company’s strength in technology development increased after Tony Petrello joined as chief operating officer in 1991, and as the current CEO and Chairman his role is planning for disruptive changes in the oil industry. Petrello’s election to Chairman of the Board triggered a contract extension meeting in 2013 which led to bonus payments raising his total compensation to $68.7 million that year. This made him the highest-paid CEO that year.
Tony Petrello grew up in a working family, but he was academically brilliant particularly in arithmetic. This allowed him to earn a scholarship to Yale where he studied in advanced mathematics, and according to what an old roommate who is now a journalist has said, he also was closely mentored by world-renowned mathematician Serge Lange. But he took a different direction after graduating and it wasn’t long before he was guiding clients at the law offices of Baker & McKenzie. He spent 13 years there including 6 that he served as managing partner of the firm and developed quite a resume of strategic planning and helping corporations find loopholes to save money in corporate taxes.
Tony Petrello is a philanthropist, husband and father in addition to being a businessman. His wife is former television actress Cynthia Carrafa, but they both love their young daughter Carena very dearly. Carena has been a huge reason why he’s been a philanthropist at the Texas Children’s Hospital because she has a neurological disorder of her own that led Petrello to get involved with the hospital’s research facility. Petrello helped the facility’s founders Dan and Jan Duncan with a fundraiser a few years ago to which he wrote a check of $7 million for research funding.