Nabors Industries is usually on a tight schedule with oil drilling demands they have to meet on a daily basis, but when Hurricane Harvey hit Texas this last year, things were different for a few days. Not only did Nabors Chief Executive Officer Tony Petrello give company employees time off to deal with any hurricane damage that may have affected them directly, he also said that anyone who volunteered to help local cleanup and rescue agencies would also be paid. Many employees went out and worked alongside the disaster relief officials while others helped make hot meals and gave other essentials. Petrello himself also gave over $173,000 to relief efforts as part of matching a fundraiser Nabors Industries ran.
Tony Petrello has a lot of responsibilities associated with running one of the world’s largest oil drilling companies. Nabors Industries has patented some of the most advanced horizontal well and hybrid drilling equipment, and Petrello has also directed investments in automated manufacturing. Not only does Nabors Industries own one of the largest land and offshore rig fleets, they’ve also compensated their executives quite handsomely. Petrello earned a salary of over $68 million in 2013, and though much of that was a bonus that Nabors Industries shareholders threw in, it made him the highest-paid CEO that year.
Tony Petrello moved to Houston to join Nabors Industries in 1991 as Chief Operating Officer at the time. They hired him because he had been their lawyer at Baker & McKenzie law firm, and his extensive financial knowledge would come in handy on the executive board. Petrello had been in law practice for 13 years since completing his bachelor’s and master’s degrees at Yale and his formal law school training at Harvard. It was a much different path than what most of his acquaintances thought he would take because his talent as a young man was solving difficult mathematics problems.
Tony Petrello has given to many foundations in Houston, but few are as close to his heart as the Texas Children’s Hospital. This hospital has a neurology research facility that Petrello has given a lot too in hopes medical experts might one day cure neurological disorders like cerebral palsy, a disorder that has affected Petrello’s daughter Carena. It’s been difficult at times for him to deal with Carena’s challenges, but it’s strengthened his resolve to help get the best research technology to the hospital in hopes of one day finding a cure. In the latest fundraiser, Petrello gave $7 million out of his own paycheck.
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