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Since the Hughes Tool Company began counting drilling rigs 70 years ago, the oil and gas industry has used rig count to gauge the health of the industry – a climbing rig count pointed to better times ahead and a declining rig count signaled growing caution.  Industry leaders, however, are beginning to notice that some oilfield equipment and service companies are continuing to grow and prosper despite periods of declining rig count.  Although we work in an industry that will always rely on the drilling rig, drilling and completion technologies have advanced so rapidly that 2 rigs can now do the work that 3 rigs did just 5 years ago.  The dollars that an operator used to spend with the drilling contractor are now being spent on downhole drilling systems and bits, completion products and services, leading to declining fortunes for the contractor and record-breaking quarters for the smartest service companies.  Mr. Spears will point out the winners and the losers in this drilling and completion technology race and will identify the products and services most likely to spur the next round of investment.