When Flotek Industries' (NYSE: FTK) shares plunged in January because its peers' numbers missed Street expectations, Fool colleague Travis Hoium wisely concluded that he'd rather wait for Flotek's earnings report than panic. Well, he was right. The oil-services company's shares popped 10% on smashing numbers.

A look at Flotek's growth moves tells me it's a stock that should not be missed.

Going places
Flotek recently completed the expansion of its chemical processing facility in Oklahoma. The expansion will not only boost production, but it will also lift bulk storage and blending tank capacities considerably. What's impressive is that Flotek has also purchased land near the unit to expand storage facilities further as necessary.

Flotek isn't focusing on domestic expansion alone. It will start shipping chemicals to Russia in a few weeks. This is a smart move simply because Russia is the largest oil producer in the world, and ExxonMobil (NYSE: XOM) and other oil giants have a foothold even in the remotest areas of Russia. Flotek's products are also making their way into the Middle East and Latin American markets.

These moves should further increase the chemical division's revenue, which more than doubled last year as higher oil prices pumped up drilling activity.

Drilling deeper
Flotek's drilling division had a bumper year, too. Full-year revenue surged nearly 56% to $102.5 million. While marketing efforts and new products were important growth factors, higher rig count was a boon as well. The total worldwide rig count as of Dec. 31, 2011, was more than 16% higher than 2010 levels. More rigs means higher oil exploration and development and greater demand for Flotek's products and services. Thankfully, things continue to look good, with Baker Hughes' latest data reporting the international rig count for February to be up by 33% sequentially and 15% year over year.

Flotek is trying to increase its market share particularly in areas such as the Bakken through better design of its drilling motors. With big names like Exxon and Statoil (NYSE: STO) present in the region, Flotek seems to be on the right track. In fact, Statoil recently made its way onto the list of the top 10 shale acreage holders in the Bakken formation.

Flotek is also enhancing its popular Teledrift line of drilling motors by introducing features such as wireless technology.  

Lifting higher
The gradual shift of oil majors to liquid-rich investments works well for Flotek, particularly for its artificial lifts segment, which is bearing the brunt of low natural gas prices. The company has bagged deals to install lifts in wells located in liquid-rich regions such as San Juan and Uinta. Flotek is keen on expanding this business, and I won't be surprised if it bids for more international projects. Clearly, big opportunities lie ahead for the company.

The Foolish bottom line
Flotek has raised its capital spending budget for this year to $14.4 million as it eyes newer markets and better products. It is also expecting its revenue in January and February to be almost 50% higher than last year.

The upswing in drilling activity and unconventional energy investments should give the company more avenues of growth. Flotek looks promising, and I suggest you add it to your stock watchlist to stay updated on all its news and analysis. Also, don't forget to share your views on the stock with us on the Flotek Industries CAPS page.