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Core Laboratories Inc. (NYSE: CLB) is a leading provider of proprietary and patented reservoir description and production enhancement services and products aimed at optimizing petroleum reservoir performance. Founded in 1936 and headquartered in Houston, the company operates over 70 offices in more than 50 countries and is located in every major oil-producing province in the world.
Core Laboratories specializes in reservoir optimization technologies that help increase total recovery from existing fields. By analyzing and characterizing reservoir rock and fluid samples, the company offers data and analytics to well operators, aiding in determining the best methods for recovering, processing, and refining hydrocarbons.
In 2023, Core Laboratories reported a steady financial performance, with significant achievements in both its reservoir description and production enhancement segments. The company observed year-over-year revenue growth and a rise in net income, attributed to an uptick in international and offshore activities. Notable projects include reservoir characterization in the Middle East, unconventional reservoir evaluations, and helium resource assessments in the U.S.
Core Laboratories has also emphasized technological innovations and partnerships to advance its services. A collaboration with Halliburton aims to expedite the delivery of comprehensive digital rock data solutions, integrating both companies' expertise in reservoir description and digital rock analysis. Additionally, Core Lab's RAPID™ web-enabled data management system has seen increased adoption, offering clients centralized and secure subsurface data access.
The company maintains a strong focus on maximizing free cash flow and reducing long-term debt. In 2023, Core reduced its net debt significantly and remains committed to further improving its balance sheet. Strategic investments in technology and international market expansion are expected to yield robust returns and drive future growth.
Core Laboratories (NYSE: CLB) reported strong Q3 2024 results with revenue of $134.4 million, up 3% sequentially and 7% year-over-year. Operating income reached $19.8 million, with operating margins ex-items of 14%, up 100 basis points sequentially. The company achieved $0.25 EPS and generated $10.4 million in free cash flow. Net debt was reduced by $11.8 million, bringing the debt leverage ratio to 1.47. Reservoir Description revenue grew to $88.8 million, while Production Enhancement posted $45.6 million. The company continues to expand internationally and in Carbon Capture and Sequestration projects, despite some headwinds from geopolitical conflicts and weather-related delays.
Core Laboratories (NYSE: CLB) has announced its third quarter 2024 conference call, scheduled for October 24, 2024 at 7:30 a.m. CDT / 8:30 a.m. EDT. The webcast will feature Larry Bruno (Chairman and CEO), Chris Hill (CFO), and Gwen Gresham (SVP Corporate Development and Investor Relations) discussing financial and operational results. An earnings press release will be issued after market close on October 23rd.
Participants can access the live webcast through the company's website at www.corelab.com. A Podcast and replay will be available following the call. For telephone access, contact Lena Brennan at lena.brennan@corelab.com for dial-in information.
Core Laboratories is a leading provider of reservoir description and production enhancement services, with over 70 offices in more than 50 countries worldwide.
Core Laboratories Inc. (NYSE: CLB) reported Q2 2024 revenue of $130.6 million, up slightly sequentially and year-over-year. Operating income was $16.0 million, or $16.4 million ex-items, up 10% sequentially and 5% year-over-year. GAAP EPS was $0.19, or $0.22 ex-items, up 16% sequentially and 5% year-over-year. Free cash flow improved to $14.3 million, and net debt was reduced by $15.8 million.
Reservoir Description revenue grew 2% sequentially to $86.3 million, while Production Enhancement revenue slightly decreased to $44.3 million. The company maintains a constructive outlook on international upstream projects for 2024 and anticipates sustainable client activity growth in the years ahead.
Core Laboratories (NYSE: CLB) will host its second quarter 2024 conference call on July 25, 2024, at 7:30 a.m. CDT / 8:30 a.m. EDT. CEO Larry Bruno, CFO Chris Hill, and SVP Gwen Gresham will discuss the company's financial and operational results. The earnings press release will be available on Core's website after market close on July 24, 2024. To participate in the live webcast, visit www.corelab.com at least fifteen minutes before the call starts. A podcast and replay will be available on the company's website shortly after the call and will remain for 10 days. For phone access, contact Lena Brennan at lena.brennan@corelab.com for the dial-in number.
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