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CORE实验室发布2024年第三季度的报告：

休斯敦（2024年10月23日）- Core Laboratories Inc.（纽交所："CLB"）（"Core"，"Core Lab"或"公司"）报告2024年第三季度营业收入为1.344 亿美元。 Core的营业收入为1.9800 万美元，稀释每股收益（"EPS"）为0.25美元，所有这些均符合美国通用会计准则（"GAAP"）。 营业收入，排除项目，一项非GAAP财务指标，为1820 万美元，营业利润率为14%，按季度同比增加100个基点，稀释每股收益，排除项目，为0.25美元。 2024年第三季度，该公司就股票薪酬支出进行了140万美元的调整，这是针对某些不再预期实现的业绩分享奖励。 非GAAP财务指标的全面调解包含在附表中。

Core的首席执行官Larry Bruno表示：“2024年第三季度，Core Lab在营业收入、营业利润、营业利润率、增量利润率和每股收益方面均取得了稳健的顺序改善。尽管受到持续的地缘政治冲突的阻力，我们的油藏描述服务需求在国际实验室网络中持续增长。在生产增强方面，营业收入出现顺序增长，主要受到国际产品销售增加的推动。然而，这些改善在墨西哥湾暂停井口作业引发的飓风延误导致诊断服务收入略有下降。在2024年第二季度积极与中东运营商进行会议后，第三季度与亚太地区运营商进行的面对面会议加强了Core两个运营部门的增长机会。总的来说，这些客户会议支持我们对拓展项目活动的多年周期乐观看法。在第三季度末，公司实现了将债务杠杆率降至1.50以下的长期目标。债务杠杆率现在是六年来的最低水平。Core继续专注于执行其战略业务计划，同时降低债务杠杆率，公司评估各种机会以增加股东价值。”

水库描述

储集描述业务与国际和海外活动水平的趋势密切相关，约80%的营业收入来自美国境外项目。2024年第三季度营业收入为$88,800,000，按季度环比增长3%，同比增长超过4%。根据美国通用会计准则，营业利润为$16,500,000，而除非因素外的营业利润为$15,400,000，运营利润率超过17%，按季度基础增长了370个基点。第三季度该业务部门的财务表现反映出公司全球业务对储集岩石和流体分析需求的增长。尽管持续的地缘政治冲突以及墨西哥湾工作受天气事件干扰，该增长仍然发生。

Core Lab继续扩大在碳捕集和封存（“CCS”）项目中的参与，利用其在油藏表征方面的专业知识。除了Core正在与休斯顿大学的Dr. Birol Dindoruk一起进行的多公司联合行业项目外，在2024年第三季度，公司还获得了多份合同，用于评估墨西哥湾地区和美国其他地区的CCS场地。Core Lab正在利用其专有的实验室油藏表征技术，进行详细的岩石物理学、地质学和地球化学分析，以及流体流动实验、地层损伤评估和地质力学测试。Core Lab的技术对于评估潜在CO长期可行性至关重要。2 注入场地。

此外，在2024年第三季度，中东地区项目的参与持续扩大。科威特石油公司（“KOC”）选择core laboratories来领导一项全面的流体分析活动，作为阿拉伯海的海上勘探计划的一部分。该项目区域被认为具有高潜力，有助于实现KOC的长期生产增长目标。高质量的压力-体积-温度（“PVT”）分析和爱文思控股的先进分析化学对于评估储层成熟度、容积潜力和生产特征至关重要。Core Lab提供的硬数据点构成了开发商用来做出重大投资决策的储层模型的基础。

生产增强

生产增强运营主要专注于美国非常规油气藏中的复杂完井，以及遍布全球的传统和非传统项目，在2024年第三季度实现了4560万美元的营业收入，环比增长3％，同比增长13％以上。 根据美国通用会计准则（GAAP），营业收入为320万美元，而除去特殊项目后的营业收入为260万美元，营业利润率为6％。 串行财务表现反映了国际产品销售的改善； 但是，这一势头被以下因素抵销：1）墨西哥湾多次飓风延迟了与诊断服务相关的收入； 2）在较小程度上，美国陆地完井活动下降。

在2024年第三季度，Core Lab的完井诊断技术被用于深入了解复杂的非常规完井工艺。在过去几年中，加拿大艾伯塔省的运营商一直在钻井和完成开孔多级水平井以优化油藏排采效果。这种井筒结构使得确认混产分层油气具有一定难度。最近，一家运营商使用了Core的诊断技术来判断是否来自单个分层的油气产量。为了实现这一目标，Core部署了其专有的固相流动剖面仪技术。TM科技，它将一种独特的油活性示踪剂置于每个分支裂缝中。在初始生产阶段，从地面收集流体样品，并在实验室中进行分析。测试结果确认了每个分支裂缝中的油气生产情况。随后，

运营商要求核心实验室确认每个侧向井的油产量，并识别产水的来源。水示踪剂的实验室数据将为运营商提供关闭产水过多的井的选项，从而降低处理成本。Core目前正在准备部署一系列新开发的固体水示踪剂，并将其放置在每个侧向井中。通过同时利用油和水示踪剂，产出的流体样本将帮助运营商更好地了解各个钻孔是如何对混合产量做出贡献的。

In 2023, a national oil company in the Middle East engaged Core’s ballistic engineering team to develop a solution to improve operational efficiencies and reduce costs in offshore plug and abandonment (“P&A”) well operations. Leveraging its expertise in energetics as an alternative to traditional casing section milling, Core developed an innovative technology to accelerate P&A operations. During the third quarter of 2024, the Company’s ballistic engineering design team deployed its patented Pulverizor™ technology. The Pulverizor™ technology: 1) rubbilizes the cement, 2) generates a significant level of cement debonding with the target casing interval, and 3) allows the casing to be pulled to the surface without having to wash the annulus. Field trials successfully demonstrated that PulverizorTM reduced the amount of rig overpull required to retrieve casing without having to conduct the wash operation. Pulverizor™ not only contributes to the safety of offshore well abandonment, but also aligns with increasing global demand for cost-effective solutions in complex P&A applications. Core Lab is presenting this new technology as a co-author and co-presenter at ADIPEC in November of this year.

Liquidity, Free Cash Flow and Dividend

Core continues to focus on maximizing free cash flow ("FCF"), a non-GAAP financial measure defined as cash from operations less capital expenditures. For the third quarter of 2024, cash from operations was $13,100,000 and capital expenditures were $2,700,000, yielding FCF of $10,400,000. The Company generated $27,100,000 of FCF for the nine months ended September 30, 2024, a significant improvement from the same period last year. The year-over-year improvement in FCF generated during 2024 reflects higher profitability, as well as better management of inventory and working capital.

Core expects to continue generating positive free cash flow in future quarters. As of September 30, 2024, Core’s net debt (defined as long-term debt less cash and cash equivalents) was $120,500,000, which was reduced by $11,800,000 during the quarter. The Company’s leverage ratio (calculated as total net debt divided by adjusted EBITDA for the last four quarters) was reduced to 1.47 as of September 30, 2024, which improved from 1.66 as of June 30, 2024. Core will remain focused on executing its strategic business initiatives while also further reducing our debt leverage ratio as the Company continues to evaluate allocation of capital and other uses of free cash.

On July 24, 2024, Core’s Board of Directors ("Board") announced a quarterly cash dividend of $0.01 per share of common stock, which was paid on August 26, 2024 to shareholders of record on August 5, 2024.

On October 23, 2024, the Board approved a cash dividend of $0.01 per share of common stock payable on November 25, 2024 to shareholders of record on November 4, 2024.

Return On Invested Capital

The Board and the Company’s Executive Management continue to focus on strategies that maximize return on invested capital ("ROIC") and FCF, factors that have high correlation to total shareholder return. Core’s commitment to an asset-light business model and disciplined capital stewardship promotes capital efficiency and are designed to produce more predictable and superior long-term ROIC.

The Board has established an internal metric to demonstrate ROIC performance relative to the oilfield service companies listed as Core's Comp Group by Bloomberg, as the Company continues to believe superior ROIC will result in higher total shareholder return. Using Bloomberg’s formula, the Company’s ROIC as of September 30, 2024 was 8.6%.

Industry and Core Lab Outlook and Guidance

Core Lab continues to see a multi-year international recovery due to underinvestment, increasing focus on energy security and rising crude-oil demand, all supporting continued activity growth into 2025. In alignment with this outlook, Core will continue to execute its strategic plan of investing in technology and pursuing growth opportunities, while remaining well-engaged on long-cycle international projects. The IEA, EIA and OPEC+ continue to forecast growth in crude-oil demand between 1.0 and 1.6 million barrels per day for 2025, which is in addition to the natural decline of production from existing fields. As such, continued investment in the development of onshore and offshore crude-oil fields will be required to meet the projected growth in demand. In the near-term, we expect that crude-oil markets will remain volatile due to global economic and geopolitical risks and uncertainties.

Consequently, as international project activity continues to expand, committed long-term upstream projects from the Middle East, South Atlantic Margin, certain areas of Asia Pacific and West Africa support year-over-year growth in demand for Core Lab’s services and products. Core anticipates U.S. land activity to trend lower in the fourth quarter of 2024, however, return to similar activity levels year-over-year in 2025. For the near-term, U.S. land activity is currently negatively influenced by recent E&P consolidations and weak natural gas prices.

Fourth quarter 2024 guidance for both business segments includes the impact of client project delays caused by weather events in the Gulf of Mexico. Core projects Reservoir Description’s fourth quarter 2024 revenue to be flat to up slightly. Turning to Production Enhancement, the U.S. frac spread count continues to trend lower. In addition, the Company anticipates the typical year-end seasonal decline in U.S. onshore completion activity.

Reservoir Description’s fourth quarter 2024 revenue is projected to range from $87,500,000 to $90,500,000, with operating income of $13,400,000 to $14,900,000. Core’s Production Enhancement segment’s fourth quarter 2024 revenue is estimated to range from $41,000,000 to $45,000,000, with operating income of $1,300,000 to $2,700,000.

The Company’s fourth quarter 2024 revenue is projected to range from $128,500,000 to $135,500,000, with operating income of $14,800,000 to $17,700,000, yielding operating margins of approximately 12%. EPS for the fourth quarter of 2024 is expected to be $0.20 to $0.25.

The Company’s fourth quarter 2024 guidance is based on projections for underlying operations and excludes gains and losses in foreign exchange. Fourth quarter 2024 guidance also assumes an effective tax rate of 20%.

Earnings Call Scheduled

The Company has scheduled a conference call to discuss Core's third quarter 2024 earnings announcement. The call will begin at 7:30 a.m. CDT / 8:30 a.m. EDT on Thursday, October 24, 2024. To listen to the call, please go to Core's website at www.corelab.com.

Core Laboratories Inc. is a leading provider of proprietary and patented reservoir description and production enhancement services and products used to optimize petroleum reservoir performance. The Company has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world. This release, as well as other statements we make, includes forward-looking statements regarding the Company’s future revenue, profitability, business strategies and developments, demand for the Company’s products and services and for products and services of the oil and gas industry generally, made in reliance upon the safe harbor provisions of Federal securities law. The Company's outlook is subject to various important cautionary factors, including risks and uncertainties related to the oil and natural gas industry, business and general economic conditions, including inflationary pressures, the ability to achieve the benefits of the redomestication of the parent company from the Netherlands to the United States, international markets, international political climates, including the Russia-Ukraine and the Middle East geopolitical conflicts, public health crises, and any related actions taken by businesses and governments, and other factors as more fully described in the Company's most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. These important factors could cause the Company's actual results to differ materially from those described in these forward-looking statements. Such statements are based on current expectations of the Company's performance and are subject to a variety of factors, some of which are not under the control of the Company. Because the information herein is based solely on data currently available, and because it is subject to change as a result of changes in conditions over which the Company has no control or influence, such forward-looking statements should not be viewed as assurance regarding the Company's future performance.

The Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances that may arise after the date of this press release, except as required by law.

Visit the Company's website at www.corelab.com. Connect with Core Lab on Facebook, LinkedIn and YouTube.

For more information, contact:

Gwen Gresham - SVP Corporate Development and Investor Relations, +1 713 328 6210

CORE LABORATORIES INC. & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CORE LABORATORIES INC. & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CORE LABORATORIES INC. & SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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CORE LABORATORIES INC. & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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Non-GAAP Information

Management believes that the exclusion of certain income and expenses enables it to evaluate more effectively the Company's operations period-over-period and to identify operating trends that could otherwise be masked by the excluded Items. For this reason, management uses certain non-GAAP measures that exclude these Items and believes that this presentation provides a clearer comparison with the results reported in prior periods. The non-GAAP financial measures should be considered in addition to, and not as a substitute for, the financial results prepared in accordance with GAAP, as more fully discussed in the Company's financial statements and filings with the Securities and Exchange Commission.

Reconciliation of Operating Income, Net Income and Diluted Earnings Per Share Attributable to Core Laboratories Inc.

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Segment Information

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Return on Invested Capital

Return on Invested Capital ("ROIC") is presented based on management's belief that this non-GAAP measure is useful information to investors and management when comparing profitability and the efficiency with which capital has been employed over time relative to other companies. The Board has established an internal metric to demonstrate ROIC performance relative to the oilfield service companies listed as Core's Comp Group by Bloomberg. ROIC is not a measure of financial performance under GAAP and should not be considered as an alternative to net income.

ROIC of 8.6% is defined by Bloomberg as Net Operating Profit After Tax ("NOPAT") of $34.9 million divided by Average Total Invested Capital ("Average TIC") of $407.6 million where, NOPAT is defined as GAAP net income before non-controlling interest plus the sum of income tax expense, interest expense, and pension expense less pension service cost and tax effect on income before interest and tax expense for the last four quarters. Average TIC is defined as the average of beginning and ending periods' GAAP stockholders' equity plus the sum of net long-term debt, lease liabilities, allowance for credit losses, net of deferred taxes, and income taxes payable.

Free Cash Flow

Core uses the non-GAAP financial measure of free cash flow to evaluate its cash flows and results of operations. Free cash flow is defined as net cash provided by operating activities (which is the most directly comparable GAAP measure) less cash paid for capital expenditures. Management believes that free cash flow provides useful information to investors regarding the cash available in the period that was in excess of Core’s needs to fund its capital expenditures and operating activities. Free cash flow is not a measure of operating performance under GAAP and should not be considered in isolation nor construed as an alternative to operating income, net income, or cash flows from operating, investing, or financing activities, each as determined in accordance with GAAP. Free cash does not represent residual cash available for distribution because Core may have other non-discretionary expenditures that are not deducted from the measure. Moreover, since free cash flow is not a measure determined in accordance with GAAP and thus is susceptible to varying interpretations and calculations, free cash flow as presented may not be comparable to similarly titled measures presented by other companies.

Computation of Free Cash Flow

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