Tony Petrello has been recognized year after year as one of the biggest names in the oil and gas industry and his compensation has garnered widespread attention. Less known is Petrello’s commitment to philanthropy, prompted by his daughter’s medical condition.
Petrello leads Nabors Industries as CEO
Petrello has led Nabors Industries Ltd., a holding company of Nabors Exchangeco (Canada) Inc. as the Chief Executive Officer since late 2011. He has also served as its President since 1991. In addition, Petrello also served as the Chief Operating Officer of Labors Industries Ltd. for two decades, from 1991 to October 2011. Tony Petrello total compensation package for fiscal year 2015 was an estimated $27 million.
Hamilton, Bermuda-based Nabors Industries Ltd. is an S&P 500 company that performs onshore well servicing and offshore drill rig servicing in North America. It also operates as a natural gas, oil, and geothermal drilling contractor throughout North and South America, the Middle East, the Far East, and Africa. The company boasts the world’s largest fleet of land-based rigs for drilling, which is serving the company well in the rise of shale fracking.
For Petrello, daughter’s medical condition inspires giving
Despite professional financial success, Tony Petrello faced a personal challenge when his daughter Carena was born prematurely at only 24 weeks and weighing less than one pound. Carena was born with periventricular leukomalacia (PVL), a condition that causes significant neurological problems by restricting blood flow and oxygen to the brain. PVL is common among premature babies and can cause cerebral palsy, motor development delays, and other impairments.
Rather than let this heartbreaking news hold him back, Petrello took proactive steps to help Carena and others like her by donating nearly $7 million to the neurological research center at Texas Children’s Hospital and also serving as a member of the hospital’s Board of Trustees.
Tony Petrello earned a J.D. from Harvard Law School and went on to practice with the law firm of Baker & McKenzie as a corporate tax attorney from 1979 to 1991. Petrello then headed its New York office as Managing Partner from 1986 to 1991.