Nabors Industries was founded as a conglomerate dedicated to the original drilling on Alaska’s North Slope. This was a crucial time in the state’s history, as it promised to create vast wealth for an otherwise poor state. Some of the residents who were most benefited by the eventual extraction of hundreds of millions of barrels from Alaska’s North Slope were the downtrodden natives, who were given a new lease on economic prosperity.
This period in Alaska state history gave neighbors unprecedented goodwill and brand recognition among oil companies. They had almost single-handedly delivered billions upon billions of dollars to state coffers and made most Alaska residents able to live a very comfortable lifestyle through the state’s disbursement of oil profits.
However, Nabors Industries fell on hard times throughout the late 80s and early 90s. But after being appointed chief financial officer, one man, Tony Petrello, had the vision and leadership to bring the company back to its former glory. Through a strategy of developing highly innovative and unique directional drilling equipment, as well as high tech computer systems to maximize efficiency of drills and other rig equipment, Nabors Industries quickly gained headway into the directional drilling market, becoming the chief supplier of all North American fracking and directional drilling equipment.
This proved to be an incredibly propitious move. As the exploitation of the Bakken Shale and other shale formations throughout North America took off, Nabors Industries was perfectly positioned to become the main supplier of drilling equipment for these oil plays. It was throughout this period that Petrello’s leadership led the stock price from $0.50 per share all the way up to $50 per share, prior to being split.
Today, Petrello sits as the most successful CEO in the history of the company. Under his leadership the future has never been brighter.