Superior Drilling Products, Inc. (ticker: SDPI) anticipates that its revenue will be as much as four times higher for Q2, 2017 than it was for the same quarter in 2016, the company said in a statement yesterday.
Troy Meier, Chairman and CEO of Superior Drilling Products, attributed the growth to “increasing market penetration and deployment of [the company’s] flagship Drill-N-Ream® (DnR) well bore conditioning tool.”
Meier also noted that a higher industry-utilization of its drilling tools is leading to higher volumes in its tool refurbishment business. The higher tool use and tool refurbishment levels prompted Superior Drilling Technologies to raise its full-year revenue estimate by 20% at the midpoint of the year.
The estimate was raised to between $14 million and $16 million, up from the previous $12 to $13 million.
The company also announced that its domestic market channel partner, Drilling Tools International, Inc.—which markets the Superior Drilling Products’ Drill-N-Ream® system, exceeded its 10% market share goal for the DnR product on horizontal rigs in the U.S. and Canada. Drilling Tools International is also on track to raise that value to 12.5% by the end of 2017.
Superior Drilling Products, Inc. is presenting at EnerCom’s The Oil & Gas Conference® 22
Superior Drilling Products will be a presenting company at the upcoming EnerCom conference in Denver, Colorado—The Oil & Gas Conference® 22.
The conference is EnerCom’s 22nd Denver-based oil and gas focused investor conference, bringing together publicly traded E&Ps and oilfield service and technology companies with institutional investors. The conference will be at the Denver Downtown Westin Hotel, August 13-17, 2017. To register for The Oil & Gas Conference® 22 please visit the conference website.
