Question-and-Answer Session
(Operator Instructions) Our first question comes from Ken Sill from Credit Suisse, please go ahead.
Ken Sill - Credit Suisse
Yeah. Good morning, guys. Nice results considering what happened in the Gulf of Mexico.
Doug Rock
Thank you.
Ken Sill - Credit Suisse
One of your competitors yesterday mentioned that they were starting to see a little bit of price erosion in commodity fluids in distant North America. They kind of indicated it wasn’t a big deal yet, but are you guys seeing any of that leaking in the North America after the supplies of the some of the other product lines for other people?
Don McKenzie
Excuse me, in the third quarter our margins in the Rockies and in US land were actually up. We haven’t seen a lot of pricing erosion. We are the market leader; we're going to be the market leader in pricing. We have seen where some of the cost of some of our commodities like Ferrite have increased, but to a great extent we have been able to pass some of that increase on and so, we're pretty bullish on North American land, stay at reasonable levels as it is now.
But if we take a look at, Doug said in his earlier comments that, we're not affected quite as much by high CapEx items like pressure pumping where there is an oversupply and then you get kind of a double factor there with utilization and price. We’re basically, the resources and the assets are in place such as liquid mud flaps and what not and so, we see US land as a very important market and we will continue to be. We are continuing to monitor exactly what's happening there. And like I said, we’re going to be the pricing leader in that market like we are elsewhere around the world. And like I said, we haven’t seen any erosion to date.
Doug Rock
And also Ken, we are not on the high end of the technologies. I mean, we don't sell bits and certain basins in the U.S. and other locations. We don’t operate where there is very low cost commodity type business, so that really helps insulators from that quite a bit.
Ken Sill - Credit Suisse
And then just one follow- on, on that, how much of your contracts in North America internationally are up for renewal, I guess, in the fourth quarter year?
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