At the end of the 2017 fiscal year, good news was reported from Nabors Industries as they gathered all their earnings reports. America’s top oil drilling and rig development company saw its income go up about $400 million from the previous year to about $2.6 billion for 2017. A lot of this is because several new wells and pipelines have been deployed to various sites where the company’s Canrig system operates. And several new automated rigs are also being deployed offshore. Chief Executive Officer Tony Petrello was very pleased with the financial reports based on a press release he made to PRNewswire and said it’s showing that Nabors continues to grow in production and innovation. He believes 2018 will be a great year as Tesco Corporation, the newly acquired company now integrates its operations and collaborates with them, and they embark on the new SANAD company opening.
One of the reasons Tony Petrello has been able to make great deals for Nabors Industries is because he’s always been a problem solver. An old friend of Petrello’s, Lloyd Grove is the person who shed light on his background solving problems as a child and teenage math genius from Newark, NJ. He studied the field all the way through his college career at Yale, but he moved from solving number problems to solving legal problems when he graduated. Petrello decided instead to get his law degree and become an attorney at Baker & McKenzie. For 13 years he solved problems for big Wall Street clients and manufacturing tycoons, and Nabors Industries was among the companies represented at the firm. After leaving Baker & McKenzie, Petrello became Chief Operating Officer of Nabors Industries.
Tony Petrello has accomplished a few notable things since joining Nabors Industries. In 2013 he earned a temporary bonus raise that put his total compensation at $68.7 million and officially made him the highest-paid CEO that year. But he considers his greatest accomplishment to be giving to the Texas Children’s Hospital in support of research into brain problems. Petrello’s daughter Carena has had a life struggle with cerebral palsy born from a birth defect caused by periventricular leukomalacia. Petrello has asked the doctors and scientists about the costs of research and cure, and he’s given them $7 million total to advance the cause. More recently, Petrello made a special contribution to the hurricane Harvey relief funding efforts which matched over $170,000 in gifts.
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