The IEA recently updated its forecast for crude oil demand for 2023 to an average record high 101.9 million barrels per day, up by 1.9 million barrels per day from 2022 even after assessing global financial forecasts. This bodes well for growing demand for the Reservoir Description services that will be required to grow production and replace the natural decline of existing producing fields. As we look ahead, we see the growing international rig count over the past year as a harbinger of an improving landsc ...

Financial Data and Key Metrics Changes - For the full-year 2022, revenue was $490 million, increasing by more than 4% compared to 2021, but adversely impacted by currency devaluation of the Euro and British pound [12] - For Q4 2022, revenue from continuing operations was $127.6 million, up slightly from $126 million in the prior quarter, driven by growth in both U.S. and international markets [23] - EPS grew sequentially by 11% to $0.20 per share ex-items for Q4 2022 [13] Business Line Data and Key Metrics Changes - Reservoir Description revenue for Q4 2022 was just over $78 million, down slightly compared to Q3 [51] - Production Enhancement revenue was $49 million for Q4 2022, up 5% sequentially and up 10% year-over-year [69] - Service revenue for the full-year 2022 was $347 million, relatively flat compared to $344.3 million in 2021 [39] Market Data and Key Metrics Changes - The company experienced a sequential growth of 11% in the U.S. during Q4 2022, led by laboratory services and well diagnostic services [37] - International product sales for Q4 2022 were up 15% sequentially, although overall international revenue was adversely impacted by the Russia-Ukraine conflict [40][34] Company Strategy and Development Direction - The company aims to maximize free cash flow, maximize return on invested capital, and return excess free cash to shareholders [35] - The company plans to reorganize its corporate structure by redomesticating from the Netherlands to the U.S. to enhance long-term shareholder value [20] Management's Comments on Operating Environment and Future Outlook - The company anticipates crude oil demand for 2023 to increase by 1.9 million barrels per day, reaching a record 101.7 million barrels per day [60] - Management expects continued volatility in trading patterns due to the Russia-Ukraine conflict but believes that trading patterns will stabilize throughout 2023 [38] Other Important Information - The company reduced net debt by $11.7 million or 7% in Q4 2022, improving its leverage ratio to 2.29 from 2.42 [15][57] - Capital expenditures for 2023 are expected to be in the range of $12 million to $15 million, an increase from $10.2 million in 2022 [46] Q&A Session Summary Question: Insights on EOR and resource evaluation in the U.S. - Management highlighted the growing interest in CO2 injection for enhanced oil recovery (EOR) projects globally, indicating a shift in focus towards optimizing existing wells [75][102] Question: Anticipated demand for energetic products and frac activity - Management expects a rebound in frac activity throughout 2023, with energetic sales anticipated to be better than in 2022 [94][104] Question: Share buyback strategy - The company clarified that the recent share buyback was primarily to settle tax burdens for employees, with plans to resume open market buybacks as leverage ratios improve [99][112]

Core Laboratories N.V. (NYSE:CLB) Q3 2022 Earnings Conference Call October 27, 2022 8:30 AM ET Company Participants Larry Bruno - Chairman & Chief Executive Officer Gwen Gresham - Senior Vice President & Head of Investor Relations Chris Hill - Chief Financial Officer Conference Call Participants Stephen Gengaro - Stifel Financial Corporation John Daniel - Daniel Energy Partners Don Crist - Johnson Rice Simon Galligani - Awilco Dan Kutz - Morgan Stanley David Smith - Pickering Energy Advisors Samantha Hoh - ...

Call Start: 08:30 January 1, 0000 9:22 AM ET Core Laboratories N.V. (NYSE:CLB) Q2 2022 Earnings Conference Call July 28, 2022, 8:30 am ET Company Participants Larry Bruno - Chairman & CEO Chris Hill - CFO Gwen Gresham - SVP & Head, IR Conference Call Participants John Daniel - Daniel Energy Partners Chase Mulvehill - Bank of America Don Crist - Johnson Rice Stephen Gengaro - Stifel Operator Good morning, and welcome to the Core Lab Second Quarter 2022 Earnings Conference Call. All participants will be in li ...

Core Laboratories N.V. (NYSE:CLB) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET Company Participants Larry Bruno - Chairman and CEO Chris Hill - CFO Gwen Gresham - Head of IR Conference Call Participants Stephen Gengaro - Stifel Taylor Zurcher - Tudor, Pickering, & Holt Operator Good morning, and welcome to the Core Lab Q1 2022 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference to Larry Bruno, Chairman and CEO. Please go ahea ...

Core Laboratories N.V. (NYSE:CLB) Q4 2021 Earnings Conference Call February 3, 2022 8:30 AM ET Company Participants Larry Bruno - Chairman and CEO Gwen Gresham - Head of IR Chris Hill - SVP and CFO Conference Call Participants John Daniel - Daniel Energy Partners Ian MacPherson - Piper Sandler Taylor Zurcher - Tudor Pickering & Holt Marc Bianchi - Cowen Operator Good morning, and welcome to the Core Laboratories' Fourth Quarter 2021 Earnings Conference Call. [Operator instructions] Please note this event is ...

Core Laboratories N.V. (NYSE:CLB) Q3 2021 Earnings Conference Call October 28, 2021 8:30 AM ET Company Participants Larry Bruno - Chairman and Chief Executive Officer Chris Hill - Senior Vice President and Chief Financial Officer Gwen Schreffler - Senior Vice President, Corporate Development and Head of Investor Relations Conference Call Participants Ian Macpherson - Piper Sandler Operator Good morning, and welcome to the Core Laboratories' Third Quarter 2021 Earnings Conference Call. [Operator instructions ...

Core Laboratories N.V. (NYSE:CLB) Q2 2021 Earnings Conference Call July 29, 2021 8:30 AM ET Company Participants Larry Bruno - Chairman and Chief Executive Officer Chris Hill - Chief Financial Officer Gwen Schreffler - Senior Vice President and Head, Investor Relations Conference Call Participants Connor Lynagh - Morgan Stanley John Daniel - Simmons Mike Sabella - Bank of America Operator Good morning and welcome to the Core Lab Q2 2021 Earnings Call. [Operator Instructions] Please note, this event is being ...

Financial Data and Key Metrics Changes - Revenue from continuing operations was $108.4 million in Q1 2021, down approximately 4.7% from $113.7 million in the prior quarter, primarily due to seasonal decline and international operational challenges [20][21] - Service revenue was $84 million, down approximately 6% sequentially from $89.2 million, affected by seasonal declines and COVID-related disruptions [21] - Product sales were $24.4 million, relatively flat from the previous quarter, with international product sales slightly up [22] - Income from continuing operations, excluding items, was $7 million, down approximately 14% sequentially from $8.1 million [28] - Free cash flow for the quarter was $5.2 million, marking another quarter of positive free cash flow [34][35] Business Line Data and Key Metrics Changes - Reservoir Description revenue was $76.5 million, down nearly 9% compared to Q4, impacted by seasonal factors and international travel complications [45] - Production Enhancement revenue was $31.9 million, up 7% sequentially despite the winter storm's negative impact [53] Market Data and Key Metrics Changes - The U.S. land market showed signs of recovery, with significant growth as the quarter ended, despite being negatively impacted by the winter storm [20][22] - International operations faced challenges due to travel restrictions and logistical issues, but there is optimism for recovery in international markets [13][39] Company Strategy and Development Direction - The company focuses on maximizing free cash flow, return on invested capital, and returning excess cash to shareholders [12] - Core Laboratories aims to introduce new technologies and maintain a strong pipeline for technological offerings in both Reservoir Description and Production Enhancement [13][37] - The company is optimistic about international growth opportunities, particularly in regions like Turkey, Mexico, and Qatar [38][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges from the pandemic but expressed optimism for recovery in oil and gas demand throughout 2021 [9][10] - The company anticipates improving market conditions and expects Reservoir Description revenue to increase mid-to-high single digits sequentially in Q2 2021 [40] - Incremental margins may be softer in the near term due to reinstating employee compensation, but historical margin performance is expected to return [41] Other Important Information - The company reduced net debt by $65 million in Q1 2021, improving the leverage ratio to just over 2.3 [17][31] - The company has a strong liquidity position with $214 million available under its credit facility [17] Q&A Session Summary Question: Thoughts on medium- to long-term revenue targets for Reservoir Description - Management indicated it is too premature to provide a quarterly revenue run rate due to uncertainties in client project progress [61] Question: Capital allocation and leverage targets - The target leverage ratio is 1.5x, with a focus on reducing debt while potentially increasing R&D spending [64][65] Question: Expectations for Q2 and Q3 incremental margins - Management expects incremental margins to be lower in the near term due to reinstating compensation, with a return to historical levels anticipated later [68] Question: Insights on deepwater projects and activity levels - Management noted that while there are delays due to COVID, there are no project cancellations, and they see ongoing opportunities in deepwater regions [78] Question: Impact of gas versus oil project mix on revenue and margins - Management stated that while oil projects tend to be higher value, gas projects still require significant analysis, and the mix does not drastically change revenue or margin outlooks [81]

Core Laboratories N.V. (NYSE:CLB) Q4 2020 Earnings Conference Call January 28, 2021 8:30 AM ET Company Participants Larry Bruno - President and Chief Executive Officer Gwen Schreffler - Senior Vice President and Head-Investor Relations Chris Hill - Chief Financial Officer Conference Call Participants George OÂ'Leary - Tudor, Pickering, Holt & Company Mike Sabella - Bank of America Scott Gruber - Citigroup Connor Lynagh - Morgan Stanley Sean Meakim - JP Morgan Stephen Gengaro - Stifel Nicolaus Operator Good ...