Current drilling technology was unable to penetrate the thick rock of southwest Texas and oilmen could only extract the surface layers of oil, unable to tap the vast resources that lay far below. Big Howard came up with the idea for a rolling bit, with 166 cutting edges and invented a method to keep the bit lubricated as it tore away at the rock. Later that year, Big Howard produced a model and went into business with his leasing partner, Walter B. Sharp, forming the Sharp-Hughes Tool Company. Rather than sell the bits to oil drillers, Hughes and Sharp decided to lease the bits out on a job basis, for the tidy sum of $30,000 per well. With no competitor able to duplicate this new technology, Sharp- Hughes Tool possessed a profitable monopoly over oil extraction. So quickly was the invention successful that in late 1908, the partners built a factory on a seventy-acr...
...drilling is not merely something that farmers desire, but it is imperative that they implement it in order to rid the economic struggles that burden rural counties. “A lot of agriculture is hanging on by its fingernails and people end up selling the farms because they can't afford to farm anymore," Roba, the farmer from North Abington Township, said. "At the very least, this makes life easier (Haggerty).”
The hydraulic fracturing process has evolved and improved since its creation over 100 years ago. In fact, engineers and geologists spent more than 40 years perfecting the process, and the payoff has been well worth the effort (energyindepth.com). In addition, efficiency has increased with the discovery of a process known as horizontal drilling (Kaufman and Sidick). Reporters Scott Detrow and Susan Phillips explain how hor¬i¬zon¬tal drilling allows one sur¬face well to access gas trapped in hun¬dreds of acres of shale.
Turnkey drilling services offer a viable method for operators to better man age drilling risks and reduce costs. In the future, they may be able to utilize drilling management contractor services for complete field development programs. The offshore turnkey drilling industry remained a high-margin, low-volume business until about 1993 when turnkey drillers began to realize bidding prices were not competitive with most operators' internal cost estimates. Increasing market share could only be achieved by reducing margins to match the real competition, which is the operator's AFE (authority for expenditure). Since then, the number of offshore turnkey wells has increased almost every year.
"Premium Oil Field Trucks Rock Solid After Sale Support Forever Since 1925.." Tiger General. http://www.tigergeneral.com/advantages-of-hydrofracking/ (accessed February 17, 2014).
Black and Decker (B&D) is one of the leading brands across the globe in terms of producing high-quality portable power tools, yet it still cannot take the lead from other brands such as Makita and Milwaukee. While gaining 35% and 37% of market shares of B&D products from the consumer and the industrial segments respectively, the number to stare at is the market shares gained from the tradesmen segment, valuing at only 28%. Considering its other competition, B&D only garnered 9% market shares from tradesmen. Consistently, the irony raises much concern to R&D, since it already has a good reputation of producing high-quality power tools, as well as gaining global recognition as one of the most popular brands. B&D cannot seem to gain a good market share from the tradesmen segment, and thus, bringing down the B&D name with it.
As many would agree, including myself, the current energy source that we Americans use needs to be replaced. The use of fossil fuels of coal and oil are a problem for many reasons, one is their negative impact on the environment when extracted and used. Another is that we rely in it being supplied from other countries, which has created problems on the geopolitical aspect. The successful development of horizontal drilling by the energy industry along with the existing technology of hydraulic fracturing was introduced after Mitchell Energy and Development Corporation experimented to make deep shale gas production a commercial reality in the Barnett Shale in North-Central Texas (U.S. EIA). This was introduced as a way to solve both problems, providing access to over 100 years’ worth of energy in the form of natural gas located thousands of feet below ground.