He co-founded the Sharp-Hughes Tool Company with Walter Benona Sharp in 1909, and after Sharp's death in 1912, took over management. Hughes began purchasing the Sharp stock immediately and by 1918 had acquired full ownership of the company. The essential assets of Hughes Tool Company (as it was renamed) were August 10, 1909 patents for his dual-cone rotary drill bit. The fees for licensing this technology were the basis of Hughes Tool's revenues, and by 1914 the dual-cone roller bit was used in eleven U.S. states and in thirteen foreign countries. Hughes himself whimsically remarked that one of his "fond plans" was to "drill the deepest well in the world", comparing his quest to the Earth's center to Amundsen's South Pole expedition and Robert Peary's North Pole expeditions.