CORE LABORATORIES N V

corelab.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2023 10-Q, filed Apr 27, 2023. Its latest SEC filing is a SC 13G/A from Jun 12, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provides reservoir-analysis services, well-completion diagnostics and related laboratory equipment to oil and gas companies.

How Did They Make Money?

Oil and gas clients pay for lab and field work tied to delivery of test results or diagnostic data; equipment sales are tied to shipment or pickup.

FY2022 revenue

Who Were Their Customers?

Oil and gas companies, including major, national and independent oil companies, buy through Core Lab's sales staff and technical teams; sales representatives and distributors serve markets where it has no offices.

Did Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2022 and turned 3 cents into free cash flow.

Operating income, FY2022

8% of revenue

▼ −8% vs FY2021 ($45.3M, 10%)

Net income, FY2022

4% of revenue

▼ −1% vs FY2021 ($19.7M, 4%)

Free cash flow, FY2022

3% of revenue

▼ −36% vs FY2021 ($23M, 5%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q1 FY2023, the three months to Mar 31, 2023

Revenue: ▲ +11%; vs $115.3M in Q1 FY2022
Net income: ▲ Now profitable; vs −$1.9M in Q1 FY2022

Apr 26, 2023 Shareholders approved the parent company's U.S. redomestication The move of the parent company from the Netherlands to the United States received shareholder approval and was expected to take effect after the meeting.

Shrank. Revenue fell 30% in 4 years, from $700.8M in FY2018 to $489.7M in FY2022, about 9% a year.

Energy-transition work The latest report adds reservoir-analysis work for carbon storage, hydrogen storage, geothermal projects and minerals used in energy storage, alongside the earlier focus on improving oil and gas recovery.

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