Welcome to our dedicated page for Core Laboratories news (Ticker: CLB), a resource for investors and traders seeking the latest updates and insights on Core Laboratories stock.
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 N.V. (CLB) reported Q2 2022 revenue of $120.9 million, marking a 5% sequential increase and a 2% year-over-year growth. Despite the geopolitical impact of the Russia-Ukraine conflict, the company achieved an operating income of $11.7 million and a GAAP EPS of $0.15. Core extended its revolving credit facility through 2026 and announced a $0.01 quarterly dividend. Looking ahead, Q3 revenue is projected to range from $123 million to $129 million, with EPS anticipated between $0.13 and $0.18.
Core Laboratories (CLB) will host its second quarter 2022 conference call on July 28, 2022, at 7:30 a.m. CDT. Key executives including Chairman and CEO Larry Bruno, CFO Chris Hill, and SVP Gwen Gresham will discuss financial and operational outcomes, with an earnings press release available after market close on July 27. The call can be accessed live via the company's website or through a telephone dial-in option by contacting Lena Brennan. Core Laboratories specializes in optimizing petroleum reservoir performance with over 70 offices globally.
Core Laboratories N.V. (NYSE: CLB) has announced the launch of an at-the-market equity offering program allowing the sale of up to $60 million in common shares. The company has partnered with Wells Fargo Securities and BofA Securities as sales agents. The funds will be utilized for general corporate purposes, including product development, capital expenditures, and potential acquisitions. The offering is structured under the existing shelf registration with the SEC. Core Labs retains the right to suspend or terminate the program as needed.
Core Laboratories N.V. (CLB) reported Q1 2022 revenue of $115.3 million, a 6% increase year-over-year. The company faced an operating loss of $400,000 and a GAAP EPS of $(0.04), while ex-items EPS was $0.08. Challenges included COVID-19 impacts and the Russia-Ukraine conflict, which disrupted service revenue. A new CCS strategic alliance with Talos Energy was launched, focusing on carbon emission reduction. The company reduced net debt by $3.3 million and announced a quarterly dividend of $0.01 per share, payable in Q2 2022.
Core Laboratories N.V. (CLB) and Talos Energy Inc. (TALO) have formed a strategic alliance focused on carbon capture and sequestration (CCS) technologies. This collaboration aims to leverage Core Lab's reservoir optimization expertise and Talos's subsurface characterization skills to evaluate CCS sites effectively. The companies will utilize advanced reservoir characterization techniques, promoting transparency in CO2 monitoring. Talos is also a member of Core Lab's CCS consortium to address challenges in subsurface CO2 storage. Their combined efforts are positioned to enhance CCS solutions and contribute to climate initiatives.
Core Laboratories N.V. (NYSE: CLB) has revised its Q1 2022 revenue guidance to between $110 million and $113 million due to significant disruptions from the Omicron variant and the ongoing Russia-Ukraine conflict. Approximately 15% of employees were affected by COVID-19, causing operational delays. Despite these challenges, the company remains positive about its 2022 outlook. Additionally, Core launched a Carbon Capture and Sequestration Consortium to address technical risks in subsurface carbon sequestration, collaborating with industry leaders.
Core Laboratories N.V. (CLB) reported Q4 2021 revenues of $125.1M, with an operating income of $14.2M and EPS of $0.06. The company saw a 14% year-over-year growth in international revenue. Despite challenges from COVID-19, especially in the Middle East, projects are underway, including a large reservoir evaluation. Revenue from Production Enhancement rose 15% sequentially. The Board approved a quarterly cash dividend of $0.01 per share, payable on March 7, 2022. For Q1 2022, Core expects revenue between $117M and $122M.
Core Laboratories (NYSE: CLB) will host its fourth quarter 2021 conference call on February 3, 2022, at 7:30 a.m. CST / 2:30 p.m. CET. The call features Chairman and CEO Larry Bruno, CFO Chris Hill, and SVP Gwen Gresham discussing financial and operational results. An earnings press release will precede the call on February 2, available on the Company's website. Participants can join the live webcast or access the on-demand podcast afterward.
Core Laboratories N.V. reported Q3 2021 revenue of $118 million and operating income of $6.6 million, with EPS of $0.02. Non-GAAP operating income was $13 million, with an 11% operating margin. Revenue impacted by weather events, project delays, and supply chain issues. Reservoir Description segment revenue was $79 million, while Production Enhancement dropped 3% to $39.2 million. Free Cash Flow rose 33% to $8.8 million. A quarterly dividend of $0.01 per share was declared for Q4 2021.
Core Laboratories (CLB) will hold its third quarter 2021 conference call on October 28, 2021, at 7:30 a.m. CDT / 2:30 p.m. CEST. The earnings press release will be issued after market close on October 27. Key executives, including Larry Bruno (CEO) and Chris Hill (CFO), will discuss financial results. Interested participants can access the live webcast at www.corelab.com and a podcast will be available post-call. Core Laboratories specializes in enhancing petroleum reservoir performance.
FAQ
What is the current stock price of Core Laboratories (CLB)?
What is the market cap of Core Laboratories (CLB)?
What services does Core Laboratories Inc. provide?
Where is Core Laboratories headquartered?
How many offices does Core Laboratories have globally?
What technological advancements has Core Laboratories recently made?
What was Core Laboratories' revenue for 2023?
What is Core Laboratories' strategy for financial health?
What recent projects has Core Laboratories undertaken?
How does Core Laboratories help in reservoir optimization?
What are Core Laboratories' main market regions?
What is Core Laboratories' outlook for 2024?
