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A 'drag bit' is a drill bit usually designed for use in soft formation, such as sand, clay, or some soft rock. Uses include drilling water wells, that consists of a drill pipe connector attached to blades on the end. The cutting edge of the drag bit is often tungsten carbide.
A chevron bit is a type of drag bit designed for harder materials, commonly used for drilling oil wells. Other types of drag bits include chevron, step, and scratcher. Drag bits are generally used with Tungsten Carbide Inserts.