Here are 1-3 brief analogies for Core Laboratories (CLB):

1. They're like **LabCorp or Quest Diagnostics, but for oil and gas reservoirs,** performing detailed analyses on rock, fluid, and gas samples to understand and optimize oil recovery.

2. Think of them as the **IQVIA of the oil and gas industry,** providing highly specialized data, analytics, and services to help producers understand and optimize the performance of their reservoirs and wells.

• Reservoir Characterization Services: Analyzing petroleum reservoir rock, fluid, and gas samples to enhance production and improve oil and gas recovery.
• Oil and Gas Product Analysis: Providing laboratory-based analytical and field services to characterize the properties of crude oil and oil-delivered products.
• Proprietary and Joint Industry Studies: Conducting specialized research and collaborative studies for the oil and gas industry.
• Well Completion, Perforation, and Stimulation Services: Offering services and products related to reservoir well completions, perforations, and stimulations.
• Production Enhancement Services: Providing services and products to optimize the ongoing production of oil and gas from wells.
• Integrated Diagnostic Services: Evaluating and monitoring the effectiveness of well completions and developing solutions for improving enhanced oil recovery projects.

• International Oil Companies (IOCs): These are large, publicly traded multinational corporations involved in various aspects of the oil and gas industry globally.
  • Examples include: ExxonMobil (XOM), Chevron (CVX), Shell plc (SHEL), BP p.l.c. (BP), TotalEnergies SE (TTE)
• National Oil Companies (NOCs): These are state-owned or state-controlled entities that manage oil and gas resources within their respective countries. While some may have publicly traded shares, they are primarily government-owned.
  • Examples include: Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), Petrobras (PBR), Petróleos Mexicanos (PEMEX), Equinor ASA (EQNR)
• Independent Oil and Gas Companies: These are typically smaller to mid-sized, often publicly traded companies that focus primarily on the exploration and production of oil and natural gas, often within specific geographic regions.
  • Examples include: EOG Resources (EOG), Occidental Petroleum (OXY), Marathon Oil (MRO), Hess Corporation (HES)

Lawrence V. Bruno, Chairman of the Board, CEO, President & COO

Mr. Bruno became President of Core Laboratories on February 1, 2018, and assumed the position of Chief Operating Officer on January 1, 2019. On May 20, 2020, he succeeded Mr. David Demshur as Chairman and Chief Executive Officer. He has been in the industry for over 30 years, with 20 of those years at Core Laboratories (as of February 2018), initially serving as Vice President, Reservoir Description. He is an innovative technologist with a Master's degree in geology.

Christopher S. Hill, Senior Vice President & CFO

Mr. Hill assumed the role of Chief Financial Officer on May 24, 2018, after holding the position of Vice President, Chief Accounting Officer from May 2015 to May 2018. He joined Core Laboratories in October 2006 and has held various roles, including an overseas assignment in the Netherlands overseeing the company's global shared service centers and leading Investor Relations. Prior to joining Core Laboratories, Mr. Hill served as Controller for the Energy & Chemicals division at Halliburton from March 2005 to October 2006, and as Director of Training and Accounting Research at Halliburton from August 2000 to March 2005. He began his professional career as a Manager at Ernst & Young from January 1993 to August 2000.

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

Since 2016, Ms. Gresham has served as Senior Vice President, Corporate Development and Investor Relations, where she leads the Company's Sustainability, Investor Relations, Risk Management, and Human Resources functions. She joined Core Laboratories in October 2006 and previously served as Corporate Vice President based in Amsterdam from 2013 to 2016 and as Director of U.S. Human Resources from 2006 to 2013.

Mark Damian Tattoli, Senior Vice President, Secretary and General Counsel

Mr. Tattoli became Senior Vice President, Secretary and General Counsel on July 1, 2021, having previously served as Assistant General Counsel since November 2012. He is responsible for overseeing all legal and compliance matters for the Company. Mr. Tattoli brings 20 years of experience in the petroleum industry, working as both in-house and outside counsel across upstream, midstream, and downstream sectors.

Sow Hang Teo, Vice President, Treasurer & Chief Accounting Officer

Mr. Teo holds the position of Vice President, Treasurer and Chief Accounting Officer at Core Laboratories.

Key Risks

• Geopolitical Instability and Sanctions: Core Laboratories' international operations are significantly vulnerable to geopolitical conflicts, such as those in Eastern Europe and the Middle East, and expanded sanctions. These events have demonstrably disrupted product deliveries, crude assay services, and overall operational efficiency, leading to deferred revenues and uncertainty in international revenue streams. The company has experienced temporary operational inefficiencies and declining revenues and operating income directly linked to these geopolitical factors.
• Volatile Crude Oil Prices and Market Competition: The company's performance is closely tied to the highly volatile crude oil prices, influenced by global economic and geopolitical uncertainties. Additionally, Core Laboratories operates in a highly competitive and fragmented oilfield services market, facing pressure from larger, integrated service providers and specialized niche players. This competitive landscape, coupled with weaknesses in key markets like the U.S. onshore due to low natural gas prices and industry consolidation, contributes to declining revenues and margin compression.
• Dependency on Client Geological Success Rates: A significant portion of Core Laboratories' revenue, particularly from its high-margin reservoir description services on international projects, is explicitly dependent on its clients' geological success rates. If exploration and appraisal wells drilled by its clients are unsuccessful, the extensive reservoir description work that would typically follow may be reduced or canceled, directly impacting Core Laboratories' anticipated growth and revenue.

The clear emerging threat for Core Laboratories (CLB) is the accelerating global transition to renewable energy sources and decarbonization efforts. As an oil and gas services company, CLB's core business of reservoir description and production enhancement is fundamentally tied to the continued exploration, production, and demand for fossil fuels. A sustained and accelerating shift away from oil and gas, driven by climate policies and technological advancements in renewables, poses a long-term existential threat to the demand for CLB's services, akin to how streaming services eroded the market for physical video rentals.

Core Laboratories' Addressable Market Sizes for Key Services and Products

Reservoir Description Segment

Production Enhancement Segment

Broader Oilfield Services Market

Core Laboratories (CLB) is anticipated to drive future revenue growth over the next 2-3 years through several key areas:

1. Strong International and Offshore Activity: Core Laboratories expects continued robust demand for its proprietary technologies and services in international and offshore markets. The company's Reservoir Description segment, which accounts for approximately 80% of its revenues from non-U.S. projects, is particularly poised for growth due to ongoing international and offshore activity levels. This includes sustained demand for rock and fluid analysis across its global laboratory network.
2. Increased Adoption of Proprietary Production Enhancement Technologies and Diagnostic Services: The Production Enhancement segment is projected to grow through the expanding adoption of Core Laboratories' proprietary technologies, including advanced energetic systems, and its diagnostic services. These offerings are expected to partially offset any softer U.S. onshore activity, with increased demand for completion diagnostic services in international regions contributing to revenue.
3. Sustained Global Investment in Oil and Gas Development: Forecasts from the IEA, EIA, and OPEC indicate continued growth in global crude oil demand through 2025 and 2026. This demand, coupled with accelerating natural decline rates in existing producing fields, necessitates sustained investment in new oil and gas development, particularly outside the continental U.S. This ongoing investment in field development will drive demand for Core Laboratories' reservoir description and production enhancement services.
4. Expansion into Energy Transition Projects: Core Laboratories is actively engaging in and leveraging its analytical services for energy transition projects, such as Carbon Capture and Sequestration (CCS). The company notes growing client activity and momentum in CCS projects, reinforcing its role in these evolving energy initiatives.

Share Repurchases

• In 2025, Core Laboratories repurchased approximately 1.2 million shares of common stock for an aggregate purchase price of $15.5 million, including 363,207 shares for $5.7 million in the fourth quarter.
• During the fourth quarter of 2024, the company repurchased 264,982 shares of common stock for $4.9 million, contributing to a total of $5.3 million in share buybacks for the full fiscal year 2024.
• In January 2022, Core Laboratories repurchased 55,948 common shares at an average price of $25.71 per share as part of its existing share repurchase program.

Share Issuance

• On June 9, 2022, Core Laboratories announced a $60 million At-The-Market (ATM) equity offering program, although no shares had been sold under this program as of September 30, 2022.

Outbound Investments

• On October 1, 2025, Core Laboratories acquired Brazil-based Solintec Consultoria E Servicos De Geologia Ltda. for an initial cash payment of approximately $2.3 million.

Capital Expenditures

• For 2026, Core Laboratories expects capital expenditures to be in the range of $15 million to $18 million, primarily focused on growth opportunities.
• In 2025, capital expenditures totaled $3.4 million for the full year, with $2.9 million in the fourth quarter.
• Capital expenditures for fiscal year 2024 were $13.0 million, representing a 23.1% increase from the prior year.