Financial Data and Key Metrics Changes - Revenue from continuing operations was $125.1 million in Q4 2021, up over 6% from $118 million in the prior quarter and up 10% year-over-year [17] - For the full year 2021, revenue was $470.3 million, down about 3% from 2020 [17] - EBIT ex-items for the quarter was $14.2 million, up 9% from $13 million last quarter, representing an EBIT margin of over 11% [25] - Income from continuing operations ex-items for the quarter was $9.3 million, up 12% sequentially from $8.3 million last quarter [29] - Earnings per diluted share from continuing operations ex-items was $0.20 for the quarter, up from $0.18 last quarter [30] Business Line Data and Key Metrics Changes - Reservoir Description revenue was $80.1 million, up 2% sequentially, with operating income ex-items at $7.1 million and operating margins at 9% [48] - Production Enhancement revenue was $45 million, up 15% sequentially, with operating income ex-items at $7.1 million and operating margins at 16% [56] Market Data and Key Metrics Changes - Year-over-year revenue from international projects increased by 14% [11] - The company expects capital spending by operators to increase by 15% to 20% for North America and double digits for international markets [40] Company Strategy and Development Direction - Core Laboratories focuses on maximizing free cash flow, maximizing return on invested capital, and returning excess free cash to shareholders [13] - The company aims to expand market penetration by introducing new technologies and targeting new market opportunities [45] Management's Comments on Operating Environment and Future Outlook - Management anticipates that the Omicron disruptions will dissipate as the year unfolds, positioning the company to capitalize on growth opportunities [41] - For Q1 2022, the company expects lower client activity due to seasonality, projecting revenue to be down low to mid-single digits sequentially [42] Other Important Information - The company has made significant progress in reducing long-term debt, with long-term debt at $190 million at year-end 2021, down from $261 million at the end of 2020 [33] - Core Laboratories has generated positive free cash flow for 20 consecutive years and projects to continue this trend in 2022 and beyond [37] Q&A Session Summary Question: What are the most consequential opportunities for Core in the next 2 to 3 years? - Management highlighted the resumption of activity to near normal levels in regions like the Middle East, Asia Pacific, and Latin America as significant opportunities [66] Question: What percent of the sequestration opportunities are non-energy related businesses? - Management noted a broadening base of opportunities, with traditional oil and gas companies now collaborating on CO2 sequestration initiatives alongside non-oil and gas companies [70] Question: Can you delve into the Q1 guidance and the expected growth rates for R&D? - Management indicated that production enhancement may see an increase, while reservoir description might experience a decline due to seasonality, but expects growth in the second half of the year [78][82] Question: What are the expected margins for the Reservoir Description segment by the end of 2022? - Management projected that double-digit margins are attainable, with potential for mid-teens margins depending on growth rates in the latter half of the year [92]

Financial Data and Key Metrics Changes - Revenue from continuing operations was $118 million in Q3 2021, comparable to $118.7 million in the prior quarter and up 12% year-over-year [15] - Operating income for the quarter on a GAAP basis was $6.6 million, impacted by a $6.5 million non-cash stock compensation expense [20] - Cash flow from operating activities was $11.9 million, with free cash flow increasing to $8.8 million from $6.6 million in the second quarter [24] - Net debt was reduced to $171 million, a decrease of $5.4 million from June 30, with a leverage ratio of 2.1 [23] Business Line Data and Key Metrics Changes - Reservoir description revenue was $79 million, up slightly sequentially, with operating income ex-items at $8.6 million, up 14% sequentially [31] - Production enhancement revenue was $39.2 million, down 3% sequentially, but operating income ex-items was $5 million, up 29% sequentially [35] Market Data and Key Metrics Changes - US market revenue grew nearly 20% year-over-year, while international revenue was up 9% year-over-year [15] - The company anticipates operators to increase capital spending by 15% to 20% for North America and double digits for international in 2022 [26] Company Strategy and Development Direction - Core Laboratories focuses on maximizing free cash flow, maximizing return on invested capital, and returning excess free cash to shareholders [12] - The company is committed to expanding market penetration by introducing new technologies and targeting new market opportunities [29] Management's Comments on Operating Environment and Future Outlook - Management noted that global demand for hydrocarbons continues to rise, with inventories declining, signaling positive trends for future oilfield activity [9] - The company expects continued growth in international revenue and moderate progress in US activity as 2021 concludes [27] Other Important Information - The company continues to experience challenges with supply chains and workflow disruptions due to the pandemic, impacting international operations [15][16] - Core's Advanced Technology Center launched an analytical program for a client in the North Sea, showcasing the company's innovative capabilities [32] Q&A Session Summary Question: Upstream spending growth rates and service pricing recovery - Management indicated that US activity is likely to grow 15% to 20%, with international growth expected in double digits, and emphasized the need for pricing recovery in the industry [41][42] Question: Strategic opportunities for M&A - Management stated that the focus remains on internal technology development, while also being open to M&A opportunities that align with Core Lab's expertise [43][44]

Financial Data and Key Metrics Changes - Revenue from continuing operations for Q2 2021 was $118.7 million, up nearly 10% from $108.4 million in Q1 2021, driven by strong demand for energetic products in both U.S. and international markets [13] - EBITDA, free cash flow, and EPS also increased compared to Q1 2021, with EPS from continuing operations, excluding items, at $0.18, up 20% sequentially [10][18] - Net debt was reduced to $176 million, down $5.8 million from the previous quarter, with a leverage ratio of 2.18, improved from 2.33 [20] Business Line Data and Key Metrics Changes - Reservoir Description revenue was $78.3 million, up 2.3% sequentially, but operating income and margins were negatively impacted by reinstating temporary cost control measures and pandemic-related delays [29] - Production Enhancement revenue reached $40.5 million, up over 27% sequentially, with operating income more than doubling to $3.9 million and operating margins at 9.5% [35] Market Data and Key Metrics Changes - Client activity improved sequentially in both business segments, with U.S. energetic sales outpacing growth in completions [10] - International activity is expected to build momentum, with the company optimistic about growth opportunities in the second half of 2021 [24] Company Strategy and Development Direction - The company aims to generate free cash flow and reduce net debt while maximizing return on invested capital, focusing on client-driven technologies [22] - Core Laboratories is positioned to capitalize on international market growth, particularly in the South Atlantic margin, Mexico, and the Middle East [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing pandemic-related challenges but expressed optimism about recovery in oil and gas demand and activity levels [8][23] - The company expects Q3 2021 revenue to range from $122 million to $126 million, with operating income projected at $14 million to $15 million [25] Other Important Information - The company continues to focus on carbon capture and storage opportunities, evaluating geological attributes and interactions between CO2 and hydrocarbons [32][34] - Core Lab's innovative technologies, such as Pulse Wave and PACKSCAN, are gaining market acceptance and are expected to enhance operational efficiency for clients [36][39] Q&A Session Summary Question: Discussion on Reservoir Description growth - Management indicated that Reservoir Description tends to lag behind well construction activity but expects to eventually catch up and exceed growth rates [43] Question: Update on Kavango Basin and offshore opportunities - Management described the Kavango Basin as a significant sedimentary basin with various productive horizons, directing detailed inquiries to ReconAfrica [48] Question: Competitive landscape in Reservoir Description - Management noted no major changes in the competitive landscape, emphasizing that clients continue to outsource laboratory testing rather than in-house [57]

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]

Financial Data and Key Metrics Changes - Revenue from continuing operations for Q4 2020 was $113.7 million, an increase of approximately 8% from $105.4 million in the prior quarter. For the full year 2020, revenue was $487.3 million, a decrease of 27% from $668.2 million in 2019 [31][32]. - Core Laboratories generated $46 million in free cash flow in 2020, marking the 19th consecutive year of positive free cash flow [18][55]. - The company reduced net debt by approximately $49 million from the end of 2019 to the end of 2020 [15][24]. Business Line Data and Key Metrics Changes - Service revenue for Q4 2020 was $89.2 million, up over 3% sequentially from $86.3 million last quarter [32]. - Product sales for Q4 2020 were $24.6 million, an increase of over 28% from $19.1 million last quarter, with U.S. market product sales up 44% sequentially [34]. - EBIT for Q4 2020, excluding items, was $13 million, representing a best-in-class EBIT margin of over 11% [39]. Market Data and Key Metrics Changes - U.S. land activity improved sequentially from Q3 to Q4 2020, benefiting Core Laboratories from an uptick in well completions [12]. - The company anticipates lower client activity in Q1 2021 due to seasonality, projecting a decline in revenue by mid-single-digits [61]. Company Strategy and Development Direction - Core Laboratories will continue to focus on maximizing free cash flow, return on invested capital, and returning excess free cash to shareholders [17][57]. - The company is committed to introducing new technologies and maintaining a strong collaborative relationship with its clients to address industry needs [21][60]. - Core Laboratories aims to reduce its leverage ratio below 1.5, with a target to achieve this by the end of 2022 [96][98]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in client activity anticipated in 2021, particularly in the U.S. land market and international projects [20][60]. - The company noted that while COVID-19 disruptions present uncertainties, they expect activity levels to improve in the second half of 2021 [65]. - Management highlighted the importance of maintaining a disciplined cost structure aligned with client activity levels [19][114]. Other Important Information - The company issued $60 million in new senior notes in January 2021 to refinance a portion of its long-term debt [25][47]. - Core Laboratories' DSO (Days Sales Outstanding) for Q4 2020 was 62 days, a significant improvement from 68 days in the prior quarter [43]. Q&A Session Summary Question: What drove the 65% increase in energetic sales quarter-on-quarter? - Management indicated that both market share shifts and increased completions activity contributed to the strong bounce in energetic sales [85][86]. Question: Can you explain the seasonality affecting Q1 revenue? - Management noted that Q1 typically sees a decline in revenue due to clients wrapping up budgets and projects from the previous year, compounded by COVID-19 uncertainties [90][91]. Question: What is the target for deleveraging? - The company aims to reduce its leverage ratio below 1.5, with a goal to achieve this by the end of 2022, depending on market conditions [96][98]. Question: How does the company view the recovery in international markets? - Management expressed caution but acknowledged the potential for double-digit growth in the second half of 2021, particularly as OPEC increases production [100][101]. Question: What are the expectations for CapEx in 2021? - Management indicated that CapEx for the first half of 2021 would be around $6 million, with potential increases in the second half depending on market conditions [117][120].

Financial Data and Key Metrics Changes - Revenue from continuing operations was $105.4 million in Q3 2020, down approximately 9% from $115.7 million in the prior quarter, primarily due to a 16% decrease in international project revenue and product sales [25][19] - Free cash flow in Q3 was $18.5 million, marking the 76th consecutive quarter of generating positive free cash flow [37][38] - Net debt was reduced by $16.2 million during the third quarter, bringing total net debt to $251 million [36][19] Business Line Data and Key Metrics Changes - Service revenue was $86.3 million for the quarter, down from $91 million, reflecting a 5% sequential decline, impacted by delays on international projects due to COVID-19 [25][26] - Product sales for the quarter were $19.1 million, a decrease of 23% from $24.7 million last quarter, although U.S. product sales were up 32% sequentially [29][25] - EBIT ex-items for the quarter was $12.3 million, up from $10.7 million last quarter, representing EBIT margins of 12% [32] Market Data and Key Metrics Changes - The U.S. land market saw a revenue increase of over 21% compared to the second quarter, while international activities faced disruptions [25][11] - The company expects low to mid-single digit sequential improvement in both revenue and operating income for Q4 2020, driven by a gradual recovery in U.S. land activity [42][40] Company Strategy and Development Direction - Core Laboratories focuses on maximizing free cash flow, maximizing return on invested capital, and returning excess free cash to shareholders [13][12] - The company is committed to introducing new technologies and maintaining a strong pipeline for technological offerings to address industry needs [17][12] - Core is strategically positioned to benefit from the anticipated shift towards international conventional reservoirs as the next investment cycle [68][67] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are headwinds due to COVID-19 and operational disruptions, there are signs of subtle improvement in operational activity in some regions [11][12] - The company anticipates that international projects will continue, but the pace of recovery remains uncertain [40][39] - Management expressed optimism about the gradual improvement in U.S. land activity and expects to generate positive free cash flow in Q4 2020 [44][42] Other Important Information - The company entered an agreement to issue $60 million in senior notes to improve liquidity and manage corporate debt structure [20][21] - Core Laboratories is involved in the CarbonNet project in Australia, which focuses on carbon capture and storage [46][47] Q&A Session Summary Question: Trends in production enhancement and pricing pressure - Management indicated that Core Lab is well-positioned to respond to both components and preassembled guns, with a focus on the Oriented GoGun technology [55] Question: Carbon capture and Core Lab's role - Management emphasized that Core Lab provides essential laboratory measurements for carbon capture projects, aligning with client needs in this area [59][61] Question: International spending cycle outlook - Management believes the next investment cycle will focus on international conventional reservoirs, with Core Lab well-positioned to capitalize on this shift [68][67] Question: Implications of conventional reservoirs on margins - Management expressed optimism about achieving margins above 20% as activity returns to higher levels [71] Question: Cost structure alignment with client activity - Management clarified that while heavy lifting in cost structure adjustments has been completed, ongoing evaluations for efficiency improvements continue [84] Question: U.S. completion activity recovery timeline - Management expects a gradual recovery in completion activity, likely extending into the second quarter of the following year [86]

Financial Data and Key Metrics Changes - Revenue from continuing operations was $115.7 million in Q2 2020, down approximately 24% from $152.4 million in the prior quarter [22] - Free cash flow generated was almost $24 million, marking the 75th consecutive quarter of positive free cash flow [11][30] - Net debt was reduced by approximately $23 million, ending the quarter with a leverage ratio of 2.21 [18][29] - Income from continuing operations excluding items was $6.1 million, down 55% sequentially from $13.7 million last quarter [27] Business Line Data and Key Metrics Changes - Service revenue was $91 million for the quarter, down from $110 million last quarter, impacted by a significant decrease in drilling and completion of U.S. onshore wells [22] - Product sales were $24.7 million, a decrease of 42% from $42.4 million last quarter, with U.S. onshore market sales down over 60% [23] - Cost of services for the quarter was 74% of service revenue, consistent with the prior quarter, while cost of sales was 96% of revenue, up from 81% last quarter [24] Market Data and Key Metrics Changes - North America experienced a sharper decline of 44% in revenue compared to a 10% decrease in international revenue [22] - International activity is projected to be down approximately 10% to 15% year-over-year [35] - The company expects delays in project work and international shipment of projects to improve somewhat during the second half of 2020 [35] Company Strategy and Development Direction - Core Laboratories focuses on maximizing free cash flow, maximizing return on invested capital, and returning excess free cash to shareholders [10] - The company is committed to introducing new technologies and maintaining a strong internal pipeline for technological offerings [13] - Cost reduction initiatives are expected to benefit future financial performance significantly, with projected savings of over $9.3 million per quarter for Reservoir Description and over $5.9 million for Production Enhancement [37] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by COVID-19, including reduced oil demand and operational disruptions [9] - There is cautious optimism for recovery in client activity as economies emerge from COVID-19-related restrictions [34] - Management expects that the cost reductions implemented will benefit financial performance in both segments moving forward [37] Other Important Information - The company executed an amendment to its revolving credit facility, increasing the maximum leverage ratio permitted from 2.5x to 3x through June 30, 2021 [18] - The company recorded charges of $13.3 million in Q2, primarily associated with inventory write-downs and severance [21] Q&A Session Summary Question: How do RD margins progress in the second half? - Management indicated that while current margins are strong, future margins could see fluctuations due to operational activity volatility [47][49] Question: Can you help size the impact of budget reductions versus COVID disruptions? - Management noted that most of the recent revenue shifts were largely COVID-19 related, with capital budget adjustments expected to manifest over a longer term [52][55] Question: What is required for Production Enhancement to reach breakeven margins? - Management stated that a slight improvement in activity could lead to breakeven EBIT, but sustained activity recovery is necessary [70][72] Question: Can you quantify the incremental benefit of cost savings moving forward? - Management explained that cost reductions were implemented earlier in Reservoir Description, while Production Enhancement would see more benefits in Q3 [68][72] Question: What changes have occurred in the organization to sustain fixed costs? - Management highlighted ongoing lab automation efforts and technology development as key strategies to maintain sustainable fixed costs [88]

Financial Data and Key Metrics Changes - In Q1 2020, Core Laboratories generated over $18.5 million in free cash flow, marking the 74th consecutive quarter of positive free cash flow [9] - The company produced an industry-leading return on invested capital (ROIC) exceeding 12% for the 42nd consecutive quarter [9] - Revenue from continuing operations was $152.4 million, down about 3% from $156.8 million in Q4 2019 [23] - Income from continuing operations, excluding items, was $13.7 million, down 20% sequentially from $17.1 million [34] Business Line Data and Key Metrics Changes - Service revenue was $110 million, down from $115.2 million, a decline of about 4.5% sequentially [24] - International revenue grew 1.5% sequentially, offset by a 9% decline in U.S. sourced revenue [25] - Product sales were $42.4 million, an increase of 2% from $41.6 million last quarter [26] - Cost of services for the quarter was 74% of service revenue, up from 72% last quarter [27] Market Data and Key Metrics Changes - Crude oil prices declined 55% in Q1 2020, leading to significant reductions in E&P companies' capital expenditure plans [45] - The average frac spread index fell by 12.5%, and completion activity declined by 24% [45] - International activity is anticipated to decrease, but not as sharply as the decline in U.S. onshore activity [48] Company Strategy and Development Direction - Core Laboratories is focusing on reducing debt with excess free cash flow and has implemented significant cost reduction plans [20][39] - The company anticipates that delays in project work and international shipments may improve during the second half of 2020 [49] - Core's reservoir description segment is expected to be more resilient due to its work not solely tied to drilling and completion activity [49] Management's Comments on Operating Environment and Future Outlook - Management expects crude oil prices to remain low in the near to mid-term due to decreased global demand [43] - The company is not in a position to provide quantitative guidance for the upcoming quarter but anticipates a modest improvement in activity as demand recovers [49] - Management highlighted that the fluid analysis business is less tied to rig count and will continue to be monitored closely [72] Other Important Information - The company reduced net debt by $6 million and maintained a leverage ratio of 1.93 as of March 31, 2020 [19] - General and administrative expenses increased to $13.1 million, primarily due to non-cash expenses associated with employee compensation plans [30] - The company expects capital expenditures to be around $11 million for 2020, down approximately 50% compared to 2019 [31] Q&A Session Summary Question: How is the dialogue progressing with international customers versus North American domestic customers? - Management indicated that international projects have not been canceled, and operations are expected to move forward once transportation issues are resolved [70] Question: How do shut-ins in the North American market impact the fluids business? - Shut-ins may initially impact fluids testing, but there could be a rebound as production resumes [72] Question: Is there a risk of revenue falling below the $100 million mark for reservoir description? - Management acknowledged that revenue could drop below $100 million due to production declines but did not provide specific guidance [75] Question: What is the company's medium-term leverage target for debt pay down? - Management indicated a target leverage ratio of around 1.5x but emphasized that the focus will remain on reducing debt for the foreseeable future [83] Question: How does the company plan to manage costs in the upcoming quarters? - Management confirmed that additional cost reduction initiatives are being formulated and will be implemented as necessary [80]

Financial Data and Key Metrics Changes - Revenue from continuing operations was $157 million in Q4 2019, down over 9% from Q3 2019, primarily due to a decline in U.S. onshore activity [17] - Service revenue was $115.2 million, down about 4.5% sequentially, also impacted by U.S. onshore activity decline [17] - Product sales were $41.6 million, down 21% from Q3 2019, with international product sales seasonally down in Q4 [18] - Free cash flow in Q4 was $16.6 million, marking the 73rd consecutive quarter of positive free cash flow [15][31] - Income from continuing operations ex-items for Q4 was $17.1 million, down 24% from the previous quarter [23] Business Line Data and Key Metrics Changes - The Reservoir Description segment saw a decline in activity due to seasonal factors and project delays, but is expected to improve in Q1 2020 [51][52] - Production Enhancement remains focused on completions, with a split of roughly two-thirds products and one-third services [83] Market Data and Key Metrics Changes - U.S. crude oil production is approximately 12.5 million barrels per day, with a downward revision of expected growth for 2020 from 700,000 to 200,000 barrels per day [12][14] - The Eagle Ford play is believed to be in permanent decline, while the Bakken is near peak production [13] Company Strategy and Development Direction - The company emphasizes free cash flow and returns on invested capital, with a focus on shareholder value through dividends and share repurchases [9][15] - Core Lab projects international activity to grow by mid-single digits in 2020, while U.S. land activity is expected to moderately improve [34][35] Management Comments on Operating Environment and Future Outlook - Management noted that the crude oil market is expected to tighten in the second half of 2020, supporting capital investment in long-term international projects [34] - The company anticipates a continued focus on free cash flow and capital discipline, with plans to reduce outstanding debt and opportunistically repurchase shares [30][66] Other Important Information - The company reinitiated its share repurchase program in January 2020 and plans to reduce debt on its revolving credit line [16][30] - Cost of services for Q4 was 72% of revenues, with ongoing cost reduction initiatives yielding positive results [19] Q&A Session Summary Question: What is driving the sequential improvement in Reservoir Description? - Management indicated that projects pushed from Q4 to Q1 can mitigate seasonal declines, contributing to the guidance for improvement [52] Question: How is the adoption of GoGun technology progressing? - Management reported increasing penetration of GoGun, particularly in the Permian Basin, with production line expansions in place [53][54] Question: What are the expectations for offshore activity influencing business? - Management sees upside in offshore activity, which is expected to improve performance in Reservoir Description [56] Question: How will the company balance cash flow between debt reduction and share buybacks? - Management plans to use excess cash flow for debt reduction while also considering opportunistic share repurchases [65] Question: What is the outlook for ReFRAC technology? - Management believes there is a significant opportunity for ReFRAC, with many existing wells being candidates for additional hydrocarbon production [88]

Core Lab's Business Focus - Core Lab focuses on maximizing incremental daily production rates and ultimate recovery rates for clients [4] - The company targets the stable production and production enhancement component of oil companies' budgets [5] - Core Lab provides services along the decline curve through Reservoir Description and Production Enhancement [6] Core Lab's Technology and Services - Core Lab uses advanced fluid testing methods, including the Sanchez Cell, for enhanced oil recovery (EOR) tests [6] - The company aims to help clients achieve over 40% ultimate recovery from conventional reservoirs [7] - For unconventional reservoirs, Core Lab's light hydrocarbon gas injections have yielded recoveries of up to 15% on average in laboratory settings [8] - Core Lab uses High Frequency Nuclear Magnetic Resonance (NMR) to distinguish between moveable and immoveable hydrocarbon [9] - Core Lab's completion products technology is designed to minimize formation damage and maximize incremental recovery [17] - The company introduced the Guardian Ballistics Delivery System (BDS) [18] and the GoGunTM Adaptive Perforating System [19] - The HERO® PerFRAC perforating system is designed to provide consistent hole sizes, maximizing frac efficiency [16]