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