The petroleum extraction industry has long been one of the most competitive and dynamic businesses in the United States. Going through cycles of boom and bust that would leave most other industries shaking in their boots, the wildcatters of the petroleum extraction business in the United States have long been hard men of strong character, willing to do what it takes to make a buck and go the extra mile to make sure that the country has the energy on which it can thrive.
Of all the roughneck CEOs of oil businesses throughout the United States, perhaps nobody fits the archetype better than Tony Petrello. Although he looks the part, Tony Petrello is also one of the most highly credentialed and well-educated CEOs in the entire petroleum business. With a Juris Doctor degree from Havard Law School and an MS in mathematics from Yale, Petrello maybe the most intelligent CEO of any petroleum firm in the United States.
And he has used his intelligence to his benefit and to the benefit of stakeholders in his firm. Petrello first came to work for Nabors Industries while still a junior partner with bankruptcy workout specialist law firm Baker McKenzie. Nabors Industries had fallen on extremely tough times and was going through a period of financial restructuring. The board of directors noticed that Petrello had many of the qualities that they were looking for in the next CEO. They also realized that they would need a special kind of person to lead them out of their corporate restructuring, someone who would be able to see the contours of the future and lead the company into areas of high profitability.
They selected Petrello to join the executive team. Throughout the 1990s, this proved to be a highly propitious bet, with the company entering some of the most high-tech fields in the petroleum extraction business. To know more, click here.
Under Petrello’s leadership, Nabors Industries was able to successfully enter the realm of hydraulic fracturing. At the time, this was a little-known technique of oil extraction that was hardly in use at all. But throughout the 1990s, Nabors Industries was able to perfect platforms that were able to highly effectively and efficiently extract oil from some of the more difficult shale deposits across the North American landscape.
This bet would prove to be incredibly profitable, with the opening of the Bakken Shale formation in North Dakota providing a windfall of hydraulic fracturing opportunities for Nabors Industries.
Anthony Petrello @ linkedin.com