Everybody can say earnings aren’t as good as we’d like for them to be because of (a drilling slowdown in) North America, but they’re still fine. Trust me. This slowdown is nothing. I’m a man of the ‘80s. I remember when gas was selling for a buck, and oil was $10 a barrel.
We’re selling equipment to China today that is manufactured in Fort Worth, and we’re selling equipment in China that is manufactured in Houston.
Think about that. We’re exporting stuff to China. It’s supposed to be the manufacturing capital of the world, and we’re sending some of our equipment to help them with the shales.
Q: How soon do you think they’ll be drilling?
They’re drilling now. The question is, how soon can they ramp it up?
An (exploration and production) guy is going to say, I don’t think that’s going to happen, because of their (difficulty with) investments there. From my perspective, I’m selling the equipment that they use, and I’m selling it to a lot of local players.
I’m more bullish than a lot of people on that subject.
A deep-water rig working in the Gulf of Mexico will be run by people sitting here in Houston. You’ll have people on the rig to take care of the mechanical elements, but the rig itself will be controlled by people in Houston. That’s possible today.
I think technology is what’s going to keep pushing us to the future. It’s really cool stuff.