Tony Petrello is among the country’s highest paid chief executive officers. The 62 year old Newark, New Jersey native received almost $15.4 million in stock options and salary in 2016 from oil and gas industry giant Nabors Industries. Petrello’s compensation is in line with his incredible contribution to the company, Nabors Industries board believes. Tony Petrello has taken the company to the very pinnacle of the oil and gas industry internationally and helped to make the shareholders and everyone else involved with the company a lot of money.
Raised in a working-class neighborhood, Tony Petrello was a math whiz who excelled in public school and earned a scholarship to Yale University. After getting bachelor’s and master’s degrees in mathematics under the tutelage of famed mathematician Serge Lang, Petrello enrolled at Harvard Law School and got his law degree in 1979. He then worked with Baker & McKenzie, an internationally known law firm and became managing partner of their New York office.
In 1991, Tony Petrello was hired by one of Baker & McKenzie’s top clients, Nabors Industries. Nabors Industries’ land-based oil and gas drilling rig fleet is the largest in the world. The company, which has headquarters in both Houston, Texas and on the island of Bermuda, generates billions of dollars a year in revenues. With over 30,000 employees, it’s among the world’s largest and most successful drilling contractors. Tony Petrello quickly rose up the ranks to become the COO and president of the company. By 2003, he became deputy chairman and in 2011, Tony Petrello was named CEO of Nabors Industries. The Real Story Behind Anthony Petrello’s Success as CEO of Nabors Industries
Nabors Industries has enjoyed phenomenal growth under the leadership of Tony Petrello. Founded in 1952, the company made their largest acquisition ever in 2010 when they purchased Superior Well Services along with their fracking technology. Petrello is credited with upgrading Nabors Industries, increasing its worldwide influence and boosting its profits. He has handled the company’s most important and valuable acquisitions. Nabors Industries stock price has risen 180% since Tony Petrello was hired.
In addition to being an excellent executive, Tony Petrello is also a generous philanthropist. He donates to charities nationwide. When his daughter Carena was born with cerebral palsy, Tony Petrello donated $7 million to Texas Children’s Hospital to help them build a neurological research and treatment center. He also donated $150,000 to establish an endowment at Yale in memory of mathematician Serge Lang who died recently. Every Dollar to Newark Academy’s Rise & Flourish Campaign Matched in 2017