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This is Chris Redgrave for Zions Bank Speaking on Business.
With deep oil drilling, horizontal drilling and frakking now being used to reach existing oil reserves, energy activity in the United States is unprecedented. We're drilling up to 50,000 new wells a year. The Energy Administration reports the industry has approximately a million jobs with a projected increase to 3 million.
US Synthetic in Orem is supporting this important and growing industry since their team of almost 950 employees produces half of the diamond bit teeth in the world. They make long-lasting diamond inserts for applications in down-hole drilling tools and are proud to service customers around the world. To put their work in perspective, approximately 1 of every 2 gallons of gas was first touched by a US Synthetic diamond drill tooth.
US Synthetic takes synthetic diamond powder and puts it in a high-pressure press, at a million pounds per square inch. This fuses diamond crystals into a solid disc which then becomes the tool used for cutting the rock. The press essentially simulates what nature does over thousands of years, creating a man-made version of a rare and valuable commodity.
The diamond drill bit can then be used to drill for miles. This means the companies using the product can choose an appropriate spot, drill down thousands of feet, turn the bit and continue drilling the other direction. The industry is always looking for ways to drill further and faster, so that means innovation is at the heart of US Synthetic.
Many of US Synthetic's customers are based in Houston but their drill bits go around the world, to places in South America, China, Norway, offshore Brazil and many other remote and far off locations. Synthetic diamond products are used in about 80 percent of worldwide drilling.
An important strategy for US Synthetic is to create an employee culture of innovation. Every year they implement over 30,000 employee ideas, which is why most of their bestselling products are less than three years old. The thought is to promote the ideas of their engaged and skilled employees who love solving problems.
For Zions Bank, I'm Chris Redgrave, speaking on business.
US Synthetic 1260 S. 1600 West Orem, UT 84058 801-235-9001 www.ussynthetic.com
