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SMITH INTERNATIONAL INC. Houston, Texas; It Gets A Bit Of A Lift From Hot Oil Market.(THE NEW AMERICA)
Byline: DAVID ISAAC
An average diamond drill bit costs $40,000. Douglas Rock, chief executive of Smith International, calls it a Lexus in a box.
The bulk of his firm's business comes from supplying drilling fluids and drill bits for oil and gas exploration/production companies.
Analysts credit Smith's focus for helping it run off five straight quarters of double-digit sales and profit gains.
"They've been clever about maximizing their position within the areas that they are very familiar with," said analyst Ole Sorer of Morgan Stanley. "Because of their focus, they've been able to take a lot of market share within the two offerings they provide, particularly (in) the fluids business."
Drilling fluids are used to cool and lubricate the well bore during drilling. It might sound simple, but Smith International must keep coming up with new and better technologies to stay ahead of the competition.
"Even on fluids, 20% of our product has been designed in the last three years," CEO Rock said.
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