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The company was established in December 1908 [1] as Sharp-Hughes Tool Company when Howard R. Hughes Sr. patented a roller cutter bit that dramatically improved the rotary drilling process for oil drilling rigs. He partnered with longtime business associate Walter Benona Sharp to manufacture and market the bit.
Regardless of type, drill bits must satisfy two primary design goals: maximize the rate of penetration (ROP) of the formation and provide a long service life. The reason for this is a direct consequence of the rotary drilling method. Modern oilfield drilling operations require substantial capital and operating expense.
NOV Inc., formerly National Oilwell Varco, is an American multinational corporation based in Houston, Texas.It is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.
The manufacturing operations of Hughes' Sharp-Hughes Tool Company at 2nd and Girard Streets in Houston, Texas. Hughes Sr. married Allene Stone Gano, on June 24, 1904, in Dallas County, Texas, and engaged in various mining business endeavors before capitalizing on the Spindletop oil discovery in Texas, as a result of which he began devoting his full time to the oil business.
Baker Hughes Company is an American global energy technology company co-headquartered in Houston, Texas and London, UK.As one of the world's largest oil field services, industrial and energy technology companies, it provides products and services to the oil and gas industry for exploration and production, as well as other energy and industrial applications.
The bits are further classified based on their internal bearings. Each bit has three rotating cones and each one will rotate on its own axis during drilling. While the bits are fixed to the drilling rigs, the rotation of the drill pipe will be in a clockwise direction and the roller cones are rotated in an anti-clockwise direction.
The original part of the company, Smith Bits, grew out of a blacksmith shop in the small town of Whittier, California, in 1902. It was there, at the age of 20, that Herman C. Smith became the right man in the right place at the right time: oil was discovered nearby and the local drilling operators needed their fishtail bits sharpened.
They were made aware of the potential to acquire the Magnet Cove Barium Corporation of Houston, Texas, the nation's second-largest producer of barite drilling mud. One of the partners was interested in selling their approximate one-third interest, which led to discussions with the owners about the possibility of selling the entire company.