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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 N.V. (NYSE: CLB) reported second quarter 2021 revenue of $118.7 million and an operating income of $12.8 million, resulting in a diluted EPS of $0.17. The company experienced year-over-year improvements driven by U.S. onshore activity growth and better international operations, although its Reservoir Description segment faced pandemic-related challenges. Core generated $6.6 million in free cash flow, reducing net debt by $5.8 million. The company is optimistic about future growth, projecting third quarter revenue between $122 million and $126 million.
Core Laboratories (NYSE: CLB) will host a conference call to discuss Q2 2021 results on July 29, 2021, at 7:30 a.m. CDT. The call will feature updates from key executives, including Chairman and CEO Larry Bruno and CFO Chris Hill. An earnings press release will be available after market close on July 28, 2021. Investors can access the call via a live webcast on the company's website, with a replay available for 10 days post-event. Core Laboratories, a leading provider of reservoir optimization services, operates over 70 offices in more than 50 countries.
Core Laboratories reported Q1 2021 revenue of $108.4 million, with an operating income of $11.6 million and diluted EPS of $0.18. The results were affected by a winter storm and ongoing pandemic disruptions, yet the company generated positive earnings and $5.2 million in free cash flow. The ATM program netted $59.1 million to reduce debt by 26%. Core projects a sequential revenue increase in both Reservoir Description and Production Enhancement by mid to high single digits and mid to high teens, respectively, in Q2 2021.
Core Laboratories (NYSE: CLB) will host a conference call on April 22, 2021, at 7:30 a.m. CDT to discuss its first quarter 2021 financial and operational results. The earnings press release will be released after market close on April 21, 2021. Investors can access the webcast through the company's website; recordings will be available for 10 days. CEO Larry Bruno, CFO Chris Hill, and SVP Gwen Schreffler will present. Core Laboratories is a key provider of reservoir description and production enhancement services, operating over 70 offices globally.
Core Laboratories N.V. reported Q4 2020 revenue of $113.7 million and operating income of $23.4 million, yielding an EPS of $0.31. Adjusting for non-cash stock compensation, operating income ex-items was $13 million, with a margin of 11%. Full-year free cash flow reached $46 million, marking the 19th consecutive year of positive cash flow. The company reduced net debt by $48.7 million in 2020. Despite challenges from COVID-19, Core anticipates improved activity in the second half of 2021, particularly in international markets.
Core Laboratories N.V. (CLB) has declared a cash dividend of $0.01 per share, payable on February 16, 2021, to shareholders of record as of January 25, 2021. This first-quarter dividend marks a total potential annual payout of $0.04 per share if maintained throughout the year. The dividend is subject to a 15% Dutch withholding tax. Future dividends will depend on the company's financial performance, market conditions, and capital expenditure plans.
Core Laboratories (NYSE: CLB) will hold a fourth quarter 2020 earnings conference call on January 28, 2021, at 7:30 a.m. CST / 2:30 p.m. CET. The call, featuring leadership including Larry Bruno (CEO) and Chris Hill (CFO), will discuss financial outcomes. An earnings press release will be available after market close on January 27. Investors can join via webcast at www.corelab.com or by contacting Lena Brennan for dial-in details.
Core Laboratories N.V. (NYSE: CLB) has launched an at-the-market equity offering program, allowing it to sell common shares worth up to $60 million. The equity distribution agreement with Wells Fargo Securities enables sales through various methods, adhering to legal and NYSE regulations. Proceeds will be used for general corporate purposes, including product development and potential acquisitions. The offering relies on an existing shelf registration statement with the SEC. Core Lab does not guarantee any sales under this agreement and may suspend it at any time.
Core Laboratories N.V. (NYSE: CLB) reported third quarter 2020 revenues of $105.4 million, down due to COVID-19 disruptions and Gulf Coast storms. Operating income was $11.3 million, with an EPS of $0.07. Cost reduction efforts yielded $61 million in annual savings. The company generated $18.5 million in free cash flow, reducing net debt by $16.2 million. A new $60 million private placement of fixed-rate notes aims to increase liquidity and manage debt. Core expects modest improvements in U.S. land activity in Q4 2020.
Core Laboratories N.V. (CLB) announced a private placement of $60 million in senior notes, organized by its subsidiary, intended for funding on January 12, 2021. The notes consist of $45 million due in 2026 with a 4.09% interest rate and $15 million due in 2028 at 4.38%. The proceeds will be used to reduce the existing credit facility. The notes are guaranteed by the Company, with specific covenants to maintain financial ratios. The announcement addresses aspects vital for investor confidence amid a fluctuating oil and gas market.
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