How Tony Petrello Went From A Working Class Family To Heading A Huge Oil Company

Tony Petrello lives and works in Houston, Texas. He is the chairman of the board Chief Executive Officer and president of Nabors Industries, Ltd. (sometimes also referred to as Nabors Drilling). The company he oversees was founded in 1968 as Anglo Energy, Ltd. He joined this company as a top executive in 1991 after having been working as a New York City lawyer for several years.

He was born in a working-class neighborhood in Newark, New Jersey. He now runs the biggest land-based drilling company in the world. As a philanthropist he has also found a way to pump hundreds of millions of money into neurological disease research. He is one of the best paid CEOs in America, earning total compensation in 2016 of $15.2 million. It is said that he is very talented when it comes to math as well as managing people and very much has a willingness to work hard. He has used these abilities to both manage Nabors Industries as well as to help children who have neurological disorders.

When he was growing up Tony Petrello went to public school. He became really amazing at math which garnered him attention from his teachers and fellow students. This led to a scholarship offer from Yale University where he learned from one of the giants in the world of math, Serge Lang. After graduating from Yale, earning both a bachelor and master’s degree in mathematics, he decided to pursue law degree instead of continuing his math education. He graduated from Harvard Law School and joined Baker & McKenzie in New York.

It was when Tony Petrello was working at this law firm that he had a new client, Nabors Industries. They were impressed with his knowledge and work ethic and managed to hire him away from Baker & McKenzie. He made fateful decision to accept the offer and move out of the Northeast and to Texas.

Beyond his work and philanthropy, he keeps busy in other ways. Tony Petrello serves on the board of Texas Children’s Hospital, for example. He was also once the director of the executive committee for Stewart & Stevenson. He was also once the director of the board for MediaOnDemand.com which offers video-on-demand services to consumers. Additionally, he is presently the director of the board for Hilcorp Energy Company which is the biggest privately-owned oil drilling company in the nation.

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Tony Petrello Announces Huge Stock Acquisition Of Tesco Corporation

Nabors Industries has already been on record as having the largest land fleet of oil drilling rigs, and their holdings have now grown even more with a merger of Tesco Corporation. Nabors Chief Executive Officer Tony Petrello has always made it a priority to keep the oil giant in front of the oil drilling curve, and Tesco Corporation has put out many of their own patents and systems that will do just that. The merger was conducted through a stock buyout that now gives all Tesco shareholders 0.68 holding for each Nabors Industries share. Petrello stated that Tesco’s goals are closely aligned with Nabors’ and this merger will greatly benefit both companies’ portfolios.

Tony Petrello is a successful CEO because he can think outside the box and solve problems, but he also draws a hard line when making negotiations. When he was still quite young, he used his skills to solve tough math problems and even received a scholarship to Yale University for it. Petrello also attended Harvard to get his JD, and in 1979 he began representing high net worth clients as an attorney for Baker & McKenzie. He was an expert in securities trading and tax laws, and the cases he successfully litigated helped elevate him to partner of the firm in 1986. But he got an even better opportunity when Nabors Industries asked him to join the company as Chief Operating Officer in 1991. In 2011, he was officially nominated CEO.

Tony Petrello has not only made large acquisition deals with companies like Tesco Corporation and Saudi Aramco. He also has turned automated technology and software into a key part of the company, and in 2013 he became the highest salary CEO when shareholders renegotiated company policies and paid him additional bonuses that brought his total compensation to $68.7 million. But outside of the oil industry’s rigors of competition, Petrello has quite a different persona. He is highly involved in the Houston community supporting arts, culture and healthcare groups including the Texas Medical Center. Within his healthcare philanthropy, he’s set aside $7 million specifically for neurological and cognitive research and genetic disease cures. One reason this cause is important to him is because his daughter Carena is a victim of cerebral palsy and has had to deal with its problems. Even though he went through some very difficult times in his life dealing with depression and having weight issues, Petrello emerged with even more resolve to help fund a cure for these disorders and hopes his generosity towards the Texas Medical Center will be an example to others.

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Tony Petrello’s Many Worthwhile Contributions

A recent report was made about Tony Petrello’s recent good deeds. He has been very generous in donating millions of dollars to various worthwhile causes. For one, he has donated $5 million for a research initiative in which he is planning on donating another $2 million later on. And he is continually devoted to donating more funding for various charitable initiatives.

As a greatly miraculous testimonial of his daughter recovering from a neurological disorder, Tony Petrello has continually donated money into neurological research as well. For kids like his daughter suffering from this disease, he is working with Texas Children’s Health for further recovery for his daughter, and he is funding for further research on the brain and so forth. In 2006, he donated funds to the Texas Children’s Hospital amounting to $7 million in which he is hoping this medical facility’s Neurological Research Initiative will lead the way.

Tony Petrello also gives contributions to Yale University, his alma mater, in commemoration to his mentor and friend, Serge Lang, who passed away September 2016. Sergio Lang was a mathematician professor whom he met in 1979, and many professionals greatly praised him for their successful careers. Tony Petrello first gave $150,000, and he matched gifts the university received that was up to $150,000.

About Tony Petrello

Tony Petrello is the CEO and the board’s chairman for Nabor Industries Ltd. He earned his bachelor of science degree and his master of science degree from Yale University in Mathematics. He also earned his Juris Doctorate degree from Harvard Law School.

In starting his career, he joined Baker & McKenzie Law Firm in 1979. With the focus of this firm being on international arbitration, taxation, and general corporate law, he was promoted to be a managing partner in 1986. He later moved on in 1991 to be an elected board member and the executive committee of Nabors Industries. In 2003, he was promoted as the Deputy Chairman. He also was the Chief Operating Officer until October 2011 when he became the CEO, and he became the executive committee board’s chairman in 2012. He also is a director of Hilcorp Energy Company and Stewart & Stevenson LLC.

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