Businessman, Philanthropists

Tony Petrello Helps Guide Nabors Industries Towards High-tech Future

Since becoming an upper-level executive with drilling giant Nabors Industries, Tony Petrello has proven himself to be one of the most valuable executives in the history of the company. Nabors Industries started out life as a conglomerate dedicated to drilling Arctic oil. It was one of the first companies to help open up the Prudhoe Bay oil reserves and to begin the exploitation of the vast oil resources of the North Slope of Alaska.

As a result of these early exploits, Nabors Industries still has a strong brand recognition among Alaska residents today. With the help of the company, Alaska residents reap a windfall of petroleum profits, resulting in every man woman and child resident in the state getting the equivalent of around $2,000 per year in royalty payments over the last 60 plus years. This legendary history as a key figure in the exploitation of Alaska’s oil resources has made Nabors Industries among the most recognizable and revered corporate names in the state of Alaska.

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However, the company was badly mismanaged throughout the ‘60s and ‘70s and ‘80s. This eventually led to the company’s bankruptcy in the late 1980s. As a young lawyer working with storied law firm Baker McKenzie, Petrello was one of the principal attorneys helping Nabors Industries to emerge successfully from Chapter 11. Anthony Petrello did such an excellent job on handling the bankruptcy case for Nabors Industries that the company’s upper management quickly recognized him as a promising young talent. They eventually ended up offering him a job to come on board as one of the senior level executives for the company, hoping that his expertise in bankruptcy workouts would help the company emerge profitably and continue on as a going concern.

Their bet turned out to be a good one. Throughout the 1990s, Petrello became the chief operating officer for Nabors Industries. He was able to successfully help the company diversify into high tech drilling products. This would eventually lead to the development of systems like ROCKIT performance drilling software, Canrig AC top drives and OrientXPress steerable directional drilling system, some of the most high-tech and sought-after directional drilling equipment in the world today.

The development of these products would ultimately propel Nabors Industries to become the top provider of directional drilling equipment in North America, playing a key role in the development of the Bakken Shale formation and the advent of the shale boom.

Check more about Anthony Petrello: https://www.nabors.com/about-us/our-leadership/anthony-g-petrello

Businessman, Philanthropists

Tony Petrello: Running A Corporation With A Special Eye On His Community

Hurricane Harvey destroyed much of Houston’s and the surrounding area’s community due to massive flooding. People lost their homes, possessions, and livelihoods. Although disaster struck, the people of the United States joined together to send relief to the area. Many people felt strongly that sending donations or financial support was not enough and Tony Petrello was one of them.

He is CEO of Nabors Industries, an onshore drilling company for natural gas and oil. After the storm hit, Petrello and his employees went throughout the area and helped wherever they were needed. He even paid his employees while they were volunteering their time. Petrello then established the Nabors Disaster Relief Fund which raised $173,622 from their employees and then very generously, Tony Petrello matched the donation amount. Additionally, the company used their on-site kitchen to prepare and distribute hot meals three times daily to hungry locals without power or food. Together with his employees, Petrello made a big impact on his community.

Tony Petrello hails from Newark, New Jersey. He graduated from Yale and then Harvard. His high level of intelligence, dedication, and incredible work ethic is well known in his inner circle. He literally worked he way up from a working-class neighborhood to become one of the wealthiest men in the U.S. Petrello has been leading Nabors Industries since he joined the company in 1991. Prior to his employment with Nabors, Petrello worked for Baker & McKenzie law firm for 12 years. Aside from work, Petrello serves on the board of trustees for the Texas Children’s Hospital. Additionally, he is an advocate for research and support for the needs of children with neurological disorders. He is clearly a man that cares for others and it shows.

Philanthropy and excellent business acumen are an important part of who Tony Petrello is. Giving financially, of his time, and of his company’s facilities during the Hurricane Harvey crisis were a given for Petrello. He manages to work the very challenging position of a corporate CEO while ensuring he has time left over to help others. It is a priority for him. Tony Petrello, of Nabor Industries, leaves a positive impact on his community and his country.

Learn more about Tony Petrello: https://analystoffinance.com/2017/10/tony-petrellos-nabors-industries-will-purchase-tesco-this-year/

Philanthropists

Significant Contributions of Dick Devos for Michigan

Richard Marvin Jr. popularly known as Dick Devos is an American writer, philanthropist and an entrepreneur from West Michigan. He is famous for his philanthropic activities with the help of his wife Betsy Devos, a politician. Most of Dick’s inspiration to a better life came from his father, Richard Devos,who was passionate about business.

 

The Devos couple donations are exclusively for the help of the society and not linked to any political action as most of us thought earlier. Dick Devos and his wife contribute to organizations through their foundation called Dick & Betsy Devos Foundation. Their donations have summed up to $ 139 million with the popular recent one being $ 11.6 million in 2015. Of the 11.6 million, $ 3 million was directed to educational activities. In 2013, Dick Devos and his wife contributed to a vast array of schools.

 

With the support of his wife, Dick Devos established their first aviation based charter school called West Michigan Aviation Academy, at Gerald Ford International Airport. Devos couple funded $ 315,000 to the school for the purchase of their first plane. Last year, the aviation school produced 15 licensed pilotsto the industry. With its adequate knowledge in aeronautical engineering and robotics, students travel from far places and other counties to the school.

 

Apart from education, Dick Devos is passionate about other sectors where he has contributed a lot such as the art industry. Through the Dick $ Betsy Devos Foundation, in 2015, Dick Devos donated $ 2.4 million averaging to 21% of their total funds that year to the Art $ Culture industry. Moreover, 26% went to education,5% to health services, 13% to leadership, 4% to churches,16 % went to the community and development and 12% to public policy.

 

Dick Devos is a native of Grand Rapids, Michigan. He attended Forest Hills Public School and was already involved in the family business, Amway, at a younger age. Dick Devos is a graduate of Northwood University where he earned a degree in Business Administration.He has received doctorates from Northwood University, Grove City College and Central Michigan University Dick Devos is always happy to see the society living a comfortable life.

 

Visit http://www.dbdvfoundation.org/ to learn more.