Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $134.5 million, up $4.4 million or over 3% compared to Q2, and flat year-over-year [12] - Operating income for Q3 was $16.6 million, up from $14.5 million in Q2, yielding an EBIT margin over 12% [16] - Net income excluding items for the quarter was $10.2 million, an increase of over 15% sequentially, but down almost 14% from the same quarter last year [17] Business Line Data and Key Metrics Changes - Reservoir description revenue was $88.2 million, up over 2% compared to Q2, with operating margins of 13% [33] - Production enhancement revenue was $46.3 million, up 6% compared to Q2, with operating margins of 11%, up from 9% in Q2 [37] Market Data and Key Metrics Changes - Demand for laboratory services tied to crude oil assay remained steady, with trading patterns improving post-sanctions [7] - The U.S. service revenue remained flat sequentially and was down almost 4% year-over-year, while international service revenue increased by 5% sequentially [12] Company Strategy and Development Direction - The company focuses on technology investments to solve client problems and capitalize on technical and geographic opportunities [6] - Core Lab aims to maximize free cash flow, return on invested capital, and return excess free cash to shareholders [10] Management's Comments on Operating Environment and Future Outlook - Management maintains a constructive outlook despite geopolitical conflicts and tariff headwinds, projecting steady activity across long-cycle projects [24] - The IEA forecasts growth in crude oil demand between 700,000 and 1.3 million barrels per day in 2025, driven by non-OECD countries [22] Other Important Information - The company repurchased over 462,000 shares during Q3, representing approximately 1% of outstanding shares, valued at $5 million [8] - Capital expenditures for operations are expected to be in the range of $11 million-$13 million for the full year 2025 [20] Q&A Session Summary Question: Opportunities for similar-sized transactions globally - Management discussed the potential for similar tuck-in technology acquisitions, emphasizing a structured earnout approach [45][46] Question: Future activity levels in Asia Pacific - Management indicated expectations for higher activity levels across the board, particularly in the Middle East and South Atlantic margin [49][50]