Chairman Anthony Petrello Releases Nabors 2016 Financials

Chairman and CEO of Nabors Industries Ltd., Anthony Petrello announced in February 2017 to PR Newswire the company released its financials for 2016 fourth quarter and year end. Nabors reported fourth quarter revenue is $539 million, a four percent increase compared to 2016 third quarter revenue.

Last year was very challenging for the company, showing $1 billion in losses for net income from operations. Mr. Petrello said in the press release the company’s U.S. rig count reached its lowest since the publishing of rig count. Land rig count in America saw a decline by 81 percent from late 2014 till now, as well as, a decline in international markets.

Anthony Petrello graduated from Yale University and Harvard Law School, earning a bachelor’s degree in mathematics and a juris degree in law. He joined Nabors Industries in 1991 and serves as the Chairman, President and CEO overseeing its operating functions. Nabors owns and controls some of the largest land-based rig fleet in the world, and provides drilling and rig services. The company also offers offshore & land drilling, rig equipment, technology & software, specialty rigs, and directional drilling services to global gas and oil markets. Mr. Petrello brings years of experience to Nabors specializing in general corporate law and executive leadership.

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Even with Nabors Industries experiencing a financially challenging 2016 year, Anthony Petrello says they delivered positive free cash flow while the U.S. Fleet funding continued upgrading. He said they accomplished implementing their new operating system; developing automation initiatives; and keeping dividend commitment. Overall, Nabors achieved controlling cost, maintaining disciplined capital allocation, and streamlining operations for efficiencies. Mr. Petrello will continue to lead the company in 2017 with the goal of increasing its net income and decreasing operation expenses.

Learn more about Anthony Petrello: http://blogs.marketwatch.com/thetell/2014/05/27/why-nabors-ceo-wont-top-best-paid-bosses-list-again-in-2014/

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