Here are 1-2 brief analogies for Core Laboratories (CLB):

• Thermo Fisher Scientific for the oil and gas industry.
• Intel Inside for oil & gas wells/reservoirs.

• Reservoir Rock & Fluid Analysis Services: Provides comprehensive laboratory analysis of rock, fluid, and gas samples to characterize petroleum reservoirs for exploration and production companies.
• Reservoir Characterization & Optimization Services: Offers integrated studies and consulting expertise that utilize various data sources to build detailed reservoir models and optimize recovery strategies.
• Production Enhancement Products: Supplies engineered products including perforating systems, well completion tools, and flow assurance solutions designed to maximize hydrocarbon recovery from wells.
• Production Monitoring & Diagnostics Services: Utilizes advanced tracer technologies and diagnostic tools to monitor reservoir performance and optimize production operations over time.
• Specialized Laboratory Equipment: Manufactures and sells highly specialized laboratory equipment and measurement systems used for petroleum reservoir analysis.

Core Laboratories (CLB) - Major Customers

• National Oil Companies (NOCs): These are state-owned entities that control significant oil and gas reserves and operations within their respective countries. They are major clients for specialized reservoir description and production enhancement services.
  • Representative Public Company Example: Petrobras (PBR)
  • Another Representative Public Company Example: Saudi Aramco (2222.SR, traded on Saudi Exchange)
  • Note: Many NOCs are not publicly traded, such as ADNOC (Abu Dhabi National Oil Company) or Pemex (Petróleos Mexicanos).
• Major Integrated Oil Companies: These are large, publicly traded multinational corporations that engage in all aspects of the oil and gas industry, from exploration and production to refining, processing, and marketing.
  • Representative Public Company Example: ExxonMobil (XOM)
  • Representative Public Company Example: Chevron (CVX)
  • Representative Public Company Example: Shell plc (SHEL)
  • Representative Public Company Example: BP plc (BP)
• Independent Oil and Gas Exploration and Production (E&P) Companies: These are publicly traded or private companies that focus primarily on the upstream segment of the oil and gas industry – finding and extracting hydrocarbons.
  • Representative Public Company Example: ConocoPhillips (COP)
  • Representative Public Company Example: EOG Resources (EOG)
  • Representative Public Company Example: Occidental Petroleum (OXY)

These examples are representative of the types of companies that utilize Core Laboratories' specialized technical services and products across their global operations.

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Lawrence V. Bruno, Chairman of the Board, Chief Executive Officer and President

Lawrence V. Bruno was appointed Chief Executive Officer of Core Laboratories in May 2020. He joined Core Laboratories in 1999 when an oil and gas service company he was previously employed with for 14 years was acquired by Core Laboratories. Prior to becoming CEO, he served as President of the company starting in February 2018, Chief Operating Officer from January 2019, and Vice President, Reservoir Description from July 2015. Mr. Bruno also led the company's global reservoir-based laboratories and was General Manager of U.S. Rocks from 1999 to 2015. He holds a Master of Science degree in Geology from the University of Houston.

Christopher S. Hill, Senior Vice President and Chief Financial Officer

Christopher S. Hill assumed the role of Chief Financial Officer on May 24, 2018, after serving as Vice President, Chief Accounting Officer from May 2015 to May 2018. He joined Core Laboratories in October 2006. His tenure at Core Laboratories has included an overseas assignment in the Netherlands, where he oversaw the company’s global shared service centers and led Investor Relations. Before joining Core Lab, Mr. Hill worked at Halliburton from August 2000 to October 2006 as Controller for the Energy & Chemicals division of KBR and Corporate Director of Training and Accounting Research. He began his professional career in 1993 at Ernst & Young, working in their assurance practice and holding the position of Manager for his last three years there. He is a Certified Public Accountant (CPA) in Texas and earned a B.B.A. in Accounting from Texas A&M University and an Executive M.B.A. from Rice University’s Jones Graduate School of Business.

Gwendolyn Y. Gresham, Senior Vice President, Corporate Development and Investor Relations

Ms. Gresham has served as Senior Vice President, Corporate Development and Investor Relations since 2016, overseeing the company's Sustainability, Investor Relations, Risk Management, and Human Resources functions. She joined Core Laboratories in October 2006. Her previous roles at Core Laboratories include Corporate Vice President in Amsterdam (2013-2016) and Director of U.S. Human Resources (2006-2013). Before her time at Core Lab, Ms. Gresham worked in the healthcare industry as Director of Leadership Development at Texas Children's Hospital Integrated Delivery System and Director of Human Resources at the University of Texas MD Anderson. She also led a team focused on M&A integration at Cox Communications. Ms. Gresham holds a B.S. in Business from Lubbock Christian University and an M.B.A. from Texas Women's University.

Mark D. Tattoli, Senior Vice President, Secretary and General Counsel

Mr. Tattoli became Senior Vice President, Secretary and General Counsel on July 1, 2021. Prior to this role, he served as Assistant General Counsel since November 2012. He is responsible for overseeing the company's legal matters and compliance.

J. Donald Dumas Jr., Senior Vice President, Production Enhancement and Business Development

J. Donald Dumas Jr. joined Core Laboratories in January 2019 as Senior Vice President, Production Enhancement and Business Development.

The global energy transition, driven by decarbonization efforts and the accelerating shift towards renewable energy sources, represents a clear emerging threat. As the world moves away from fossil fuels, the long-term demand for oil and gas exploration and production, which Core Laboratories' services are designed to optimize, is expected to significantly decline. This fundamental shift in the global energy landscape directly threatens the core market and business model of companies whose operations are intrinsically tied to hydrocarbon recovery.

Core Laboratories (CLB) operates in several key addressable markets related to the oil and gas industry, and increasingly, carbon capture and storage. The estimated sizes for these global markets are as follows:

Reservoir Description Services and Products

• The global reservoir analysis market size was valued at approximately USD 8.94 billion in 2024 and is projected to grow to about USD 14.07 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 5.40% from 2025 to 2032. North America held the largest share of this market, valued at USD 3.43 billion in 2024. Another estimate places the global reservoir characterization market size at USD 9.8 billion in 2024, with a projection to reach USD 16.1 billion by 2033 at a CAGR of 5.6%.

Production Enhancement Services and Products

• The global enhanced oil recovery (EOR) market, which encompasses many production enhancement activities, was estimated at USD 49.84 billion in 2024 and is projected to reach USD 62.17 billion by 2030, growing at a CAGR of 2.9% from 2025 to 2030. North America accounted for the largest revenue share, exceeding 38.1% in 2024. Other reports indicate the global EOR market was valued at approximately USD 56.41 billion in 2024 and is expected to reach around USD 112.02 billion by 2034, with a CAGR of 7.10% from 2025 to 2034.
• More broadly, the global upstream oil and gas services market, which includes production enhancement, is projected to grow from USD 215.93 billion in 2024 to USD 271.75 billion by 2035. Another source states the global oil and gas upstream activities market was valued at USD 4,618.18 billion in 2024, projected to grow to USD 4,847.93 billion in 2025 at a CAGR of 5.0%, and is expected to reach USD 6,040.4 billion by 2029.

Carbon Capture and Storage (CCS) Subsurface Characterization and Inspection Services

• The global carbon capture and storage market size was estimated at approximately USD 3.68 billion in 2024 and is projected to reach USD 6.72 billion by 2033, growing at a CAGR of 7.0% from 2025 to 2033. North America held the largest share of 36.83% in 2024. Other estimates for the global CCS market size vary, with some reports valuing it at USD 8.6 billion in 2024, projected to grow at a CAGR of 16% from 2025 to 2034.

Petroleum Products Inspection Services

• The global oil well inspection service market was valued at USD 24.7 billion in 2024 and is anticipated to reach USD 76.4 billion by 2035, demonstrating a CAGR of 10.83% from 2025 to 2035. Separately, the global oil and gas pipeline inspection service market size was approximately USD 10.6 billion in 2024, with a projection to reach USD 14.1 billion by 2033 at a CAGR of about 3.02% from 2025 to 2033. The broader oil and gas testing, inspection, and certification (TIC) market reached USD 14 billion globally in 2023 and is projected to grow at a CAGR of 2.2% from 2025 to 2030.

Petroleum Laboratory Instruments

• The global petroleum laboratory testing instruments market was valued at US$ 459.8 million in 2023 and is anticipated to reach US$ 608.3 million by 2030, with a CAGR of 4.3% during the forecast period 2024-2030. The global petroleum testing equipment market, a related category, was valued at USD 5.1 billion in 2023 and is estimated to reach USD 8.1 billion by 2031, growing at a CAGR of 6% from 2024 to 2031. North America accounted for the largest share of this market in 2023.

Core Laboratories (CLB) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Increased International and Offshore Activity: Core Laboratories anticipates growth driven by escalating global crude oil demand, necessitating new production to offset natural declines, especially from international and offshore fields. The company is strategically focused on higher-activity basins such as the Middle East, Asia-Pacific, Latin America (including Guyana/Suriname and Brazil's pre-salt), and West Africa, with phased lab and field-service investments.
2. Introduction and Expansion of New Products and Services/Technology Investments: The company's strategic plan involves continuous technology investments aimed at solving client problems and capitalizing on technical and geographic opportunities. This includes introducing new product and service offerings in key markets, such as specialized perforating systems, high-pressure/high-temperature energetic options, reservoir-friendly stimulation chemistries, diversion products for refrac and workover optimization, and leveraging AI-driven automation.
3. Growth in Reservoir Description Services: Core Laboratories expects sustained demand for its Reservoir Description segment, which specializes in global rock and fluid laboratory services. Management has specifically highlighted strong demand for rock and fluid analysis, indicating continued improvement in this market segment.
4. Growth in Production Enhancement Services: The Production Enhancement segment is projected to see continued growth, driven by ongoing demand for completion diagnostic services and enhanced international product sales. The company is also expanding its opportunities in unconventional plays in the Middle East and emerging conventional onshore and offshore plays across various regions.
5. Strategic Acquisitions: Core Laboratories has demonstrated its intent to pursue growth through strategic acquisitions, as evidenced by its acquisition of Brazil-based Solintec. This approach of targeted tuck-in mergers and acquisitions is part of their broader strategy to accelerate international revenue growth.

Share Repurchases

• In Q3 2025, Core Laboratories repurchased 462,248 shares of common stock for $5.0 million, representing approximately 1% of outstanding shares.
• The company repurchased approximately $5.3 million worth of shares in 2024.
• Core Laboratories intends to continue opportunistic share repurchases as part of its strategy to return excess free cash to shareholders.

Share Issuance

• In 2020, Core Laboratories issued shares to navigate financial challenges.

Outbound Investments

• On October 1, 2025, Core Laboratories acquired Solintec, a Brazil-based provider of geological services, for an initial cash payment of $2.3 million and a potential earnout of up to $3.7 million. This acquisition aims to expand Core Lab's capabilities in the South Atlantic Margin.

Capital Expenditures

• Capital expenditures associated with operations were $2.0 million in Q3 2025.
• For the full year 2024, Core Laboratories' capital expenditures were approximately $13.86 million.
• The company's capital expenditures are primarily focused on strategic technology investments to address client needs and leverage technical and geographic opportunities, while maintaining an asset-light business model.