According to a recent list presented by the Associated Press, Tony Petrello, the Chief Executive Officer of Nabors Industries, Ltd, is one of the highest paid executives in the United States. It was reported that, when combining salary and stock options, Mr. Petrello garnered in excess of $15 million over the year, further reflecting the success of his company. Today, Tony Petrello is far-removed from his inauspicious beginnings in Newark, NJ, where he grew up in a working-class neighborhood, before attending Yale on a scholarship.
After graduating from Yale, where he majored in mathematics, he attended Harvard Law School, graduating in 1979. Soon after, Tony Petrello joined the Baker & McKenzie Law firm, where he rose to the position of Managing Partner of the New York office before leaving in 1991 to join one of their clients, Nabors Industries, Ltd. His stellar work ethic allowed Mr. Petrello to quickly rise to the position of President of the company, and by 2011, had become the Chairman and Chief Executive Officer. Although Nabors Industries was established in 1952, the leading oil and gas corporation experienced an increased level of prosperity after Mr. Petrello came aboard.
Today, Nabors Industries, Ltd is one of the largest drilling contractors in the world, with the largest land-based fleet of drilling rigs belonging to them. With its home offices located in both Houston, TX, and Bermuda, Nabors Industries is home to more than 30,000 employees, and in 2016, reported earnings of over $2 billion. In 2010, with Tony Petrello acting as Deputy Chairman, Nabors Industries executed its largest acquisition in the history of the company, obtaining Superior Well Services.
Aside from heading one of the most profitable oil and gas companies in the world, Tony Petrello is also an active contributor to number of charities, citing philanthropy as one his dearest passions in life. When his daughter Carena was born, he was moved to learn about cerebral palsy upon learning that she would be stricken with the ailment. After discovering there were many gaps regarding the research of the permanent movement disorder, Mr. Petrello and family, seeking the best treatment for Carena, were introduced to the Texas Children’s Hospital, which as luck would have it, happened to be in his home city of Houston. In an effort to increase the research efforts, the Petrello’s went on to donate $50 million that would help the Neurological Research Institute of the Texas Children’s Hospital to open its doors in 2010.
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