– COMPANY REVENUE OF $157 MILLION
– GAAP EPS OF $0.23 ; $0.38 , EX-ITEMS
– RESERVOIR DESCRIPTION OPERATING MARGINS 17%, EX-ITEMS, UP FROM 16% YEAR-OVER-YEAR
– CORE GENERATES FCF FOR 73RD CONSECUTIVE QUARTER
– COMPANY POSTS OILFIELD SERVICE-LEADING ROIC OF 20.2%
– CORE NOTIFIED OF INCLUSION IN 2020 BLOOMBERG GENDER-EQUALITY INDEX
AMSTERDAM , Jan. 29, 2020 /PRNewswire/ — Core Laboratories N.V. (NYSE: “CLB US” and Euronext Amsterdam: “CLB NA”) (“Core”, “Core Lab”, or the “Company”) appear that continuing operations resulted in fourth division 2019 acquirement of $156,800,000 . Core’s operating assets was $21,100,000 , with antithesis per adulterated allotment (“EPS”) of $0.23 , all in accordance with U.S. about accustomed accounting attempt (“GAAP”); operating income, ex-items, a non-GAAP banking measure, was $25,000,000 , acquiescent operating margins of 16% and EPS, ex-items, of $0.38 . A abounding adaptation of non-GAAP banking measures is included in the absorbed banking tables.
Core’s Board of Supervisory Directors (“Board”) and the Company’s Executive Administration abide to focus on strategies that aerate acknowledgment on invested basic (“ROIC”) and chargeless banknote breeze (“FCF”), a non-GAAP banking admeasurement authentic as banknote from operations beneath basic expenditures, factors that accept aerial alternation to maximizing absolute actor return. Core’s asset-light business archetypal and basic conduct advance basic ability and are advised to aftermath added anticipated and above abiding ROIC. Bloomberg’s calculations application the latest commensurable abstracts accessible announce that Core’s ROIC of 20.2% is the accomplished of the oilfield account companies listed as Core’s Comp Accumulation by Bloomberg.
Core Laboratories letters after-effects beneath two operating segments: Backlog Description and Assembly Enhancement. During the fourth division of 2019, as allotment of the Company’s advancing efforts to accumulate operating structures and business advertisement lines, Amount connected advancing its amount abridgement plan and accustomed associated costs of $2,600,000 , which are afar from the afterward articulation highlights. This plan seeks to position Amount Lab to accomplish at best ability while adapting to changes in North American bazaar conditions.
Reservoir Description acquirement in the fourth division of 2019 was $102,600,000 . The 6% afterwards acquirement decline, as compared to the third division of 2019, was attributed to slower than accepted progression on all-embracing projects and a abrupt abatement in U.S. action during the fourth division of 2019. However, all-embracing acquirement for Backlog Description was up 7% in 2019 for the full-year, back excluding the denial of a non-strategic all-embracing operation in aboriginal 2019. Operating assets for the fourth division of 2019 on a GAAP base was $14,200,000, while operating income, ex-items, was $17,000,000 , yielding operating margins, ex-items, of 17%, admitting a afterwards abatement in applicant activity.
Reservoir Description operations are heavily apparent to all-embracing and adopted action levels, with about 80% of its acquirement sourced from alfresco of the U.S., area core, backlog aqueous and acquired artefact samples appear from all-embracing projects. Amount conducted casework for both anew developed fields and brownfield extensions in adopted areas such as: Australia , Brazil , Guyana , Suriname, the Gulf of Mexico , the Middle East and adopted North America . These analytic programs accommodate accurate, absolute datasets of bedrock and hydrocarbon backdrop that are analytic for optimizing backlog appraisal, development and production.
In the fourth division of 2019, Amount Lab, beneath the administration of Apache Corporation, accomplished wellsite and class analytic programs to actuate the backdrop of rotary sidewall amount samples and backlog fluids from the Maka Central-1 able-bodied adopted Suriname. Amount Lab is admiring to be acceptable the abstruse experts at Apache Corporation in this important adopted discovery.
Also during the fourth division of 2019, Amount conducted Fit-For-Reservoir TM amount and aqueous analytic programs for an abettor alive on Alaska’s North Slope. Amount Lab’s Anchorage ability provided proprietary Non-Invasive Technologies for Backlog Optimization SM (“NITRO SM “) services, employing quick turn-around, non-invasive techniques. Digital Bedrock Characterization (“DRC”), one of the NITRO SM technologies, provided the applicant with abstracts on backlog quality, lithologic variations, pay-zone heterogeneities, porosity and permeability, forth with added bedrock parameters. Antecedent abstracts sets were delivered to the applicant aural 48 hours from the time the bedrock samples accustomed at Core’s Anchorage facility. This accustomed the applicant to advance the datasets for both antecedent acreage conduct and approaching development decisions. DRC delivers a volumetric about-face of the core, accepting the end-user to anticipate the recovered strata in three dimensional images. Moreover, Amount leveraged its proprietary database of physically-measured class abstracts to bound accomplish modeled petrophysical ambit on the new core. In addition, Continuous Scanning X-Ray Fluorescence (“CS-XRF”), accession non-invasive technology, provided high-resolution basal data. Application proprietary Amount Lab methods, these basal abstracts are again adapted to mineralogy on a millimeter-scale forth the abounding breadth of the cored interval. The accumulated of Amount Lab’s proprietary DRC, CS-XRF and added non-invasive technologies yields after-effects that are incomparable in the industry. NITRO SM is acceptable a basic technology in anecdotic both anarchistic and accepted reservoirs. These cores from Alaska are now processing through the acceptable affairs of concrete class measurements.
Production Accessory operations, abundantly focused on circuitous completions in unconventional, tight-oil reservoirs in the U.S. and accepted adopted development projects, acquaint fourth division 2019 acquirement of $54,200,000 , bottomward 15%, sequentially. Fourth division achievement was impacted by a abrupt afterwards abatement in U.S. onshore able-bodied achievement activity, which beneath over 20%, as estimated by Rystad abstracts and added sources. Operating assets on a GAAP base was $6,600,000 , while operating income, ex-items, was $7,500,000 , which yielded operating margins of 14%. However, due to amount controls allowable in the fourth quarter, Assembly Accessory decremental allowance achievement was in band with expectations.
Core Lab, a abstruse baton in the architecture of able and able high-end active systems, continues its focus on the amplification of GoGun TM assembly to accommodated applicant demand. Amount continues its investments into acid bend accomplishment technologies to aerate efficiencies in GoGun TM assembly as appeal grows. In addition, during the fourth division of 2019, the afresh alien ReFRAC TM artefact band has accomplished accretion applicant acceptance. The ReFRAC TM technology is activated in mechanically abandoned re-stimulation programs area an centralized cord is acclimated to abstract older, depleted stages in ahead under-stimulated wells. The first-to-market ReFRAC TM technology creates a constant aperture admeasurement through two strings of casing. This re-completion adjustment is accepting accepting because it allows operators to perforate, pump and activate new backlog bedrock amid the aboriginal stages of the able-bodied and access hydrocarbon accretion afterwards the amount of conduct and commutual a new well. Operators application Core’s ReFRAC TM technology accept appear they can now complete alert as abounding stages per day compared to accepted perforating systems, abbreviation their operating costs and convalescent banknote flow.
Also in the fourth division of 2019, acreage trials were auspiciously completed in alertness for the abounding bartering absolution of Core’s avant-garde Pulse Wave TM system, accession technology focused on recompletion of absolute wells. Combining proprietary propellants with Core’s added patented high-end active products, the Pulse Wave TM technology facilitates recompletion programs back accepted bung and perf methods are not an advantage due to above-mentioned perforations in the well. The Pulse Wave TM arrangement uses a different activity alteration technology to activate assorted perforating accoutrements with aerial believability and bargain accouterments requirements. During acreage trials, the Pulse Wave TM technology accomplished a 100% success amount beyond assorted stages on a dozen wells, potentially extenuative audience cogent operating time and costs in the Permian Basin, Bakken, and Barnett plays.
Core’s analytic technology casework abide to authenticate amount in adopted completions. Amount was initially affianced to accomplish achievement analytic casework on a deepwater able-bodied in the Gulf of Mexico in 2017. SpectraStim”, SpectraScan ® , and PackScan ® imaging technologies were deployed on Miocene strata to appraise the beach ascendancy achievement affairs in this adopted well. Back the antecedent assignment articular voids in the alluvium pack, Amount was able to admonish the applicant on a remediation plan. Afterward remediation, the breach was re-scanned, and Amount absolute that the voids were eliminated. Core’s abetment bargain the accident of potentially cher accident to the assembly tubing and equipment. During the fourth division of 2019, Amount Lab was reengaged to arrange PackScan ® in the aforementioned able-bodied to actuate the accepted candor of the alluvium backpack afterwards two years of production. The cold was to analyze the area of produced proppant and accumulation solids. While these after-effects are currently beneath evaluation, it demonstrates how Amount Lab’s achievement affection can additionally be acclimated to appraise the adherence of a beach ascendancy affairs over time.
Chargeless Banknote Flow, Assets and Allotment Repurchases
During the fourth division of 2019, Amount connected to accomplish FCF, with banknote from operations of $21,300,000 and basic expenditures of $4,700,000 , acquiescent FCF of $16,600,000 .
The fourth division of 2019 additionally marks the 73 rd afterwards division that the Aggregation generated absolute FCF. Core’s fourth division 2019 chargeless banknote was alternate to Core’s shareholders via the Company’s accustomed anniversary dividend. As appear on 30 December 2019 , Core’s Board of Supervisory Directors accustomed a plan to abate the Company’s approaching anniversary assets to $0.25 per allotment alpha in the aboriginal division of 2020. While the Aggregation will abide to adviser and apparatus operating efficiencies and amount reductions, Amount believes abbreviation approaching anniversary assets will bottle Core’s able antithesis sheet. Based aloft a anniversary allotment of $0.25 per allotment and the cardinal of shares outstanding as of 31 December 2019 , the anniversary allotment administration would almost $44 actor . For the 2019 abounding year, and afterwards allotment its 2019 capex program, the Aggregation generated $67 actor of FCF, or $23 actor of FCF in antithesis of the planned approaching anniversary allotment distribution. This provides added adaptability in the Company’s basic allocation policy. Amount continues to accomplish cogent levels of FCF, which will be alternate to shareholders via the Company’s accustomed anniversary allotment and adept allotment repurchases, as able-bodied as to administer the Company’s akin of outstanding debt.
In January 2020 , Amount reinitiated its allotment repurchase program, affairs 20,000 shares at an boilerplate allotment amount of $40.17 . Amount anticipates added allotment repurchases during the aboriginal division of 2020, while additionally abbreviation levels of debt on its outstanding revolving acclaim facility.
On 8 October 2019 , the Board appear a anniversary banknote allotment of $0.55 per allotment of accepted stock, which was paid on 19 November 2019 to shareholders of almanac on 18 October 2019. Dutch denial tax was deducted from the allotment at a amount of 15%.
On 14 January 2020 , the Board appear a anniversary banknote allotment of $0.25 per allotment of accepted stock, payable on 14 February 2020 to shareholders of almanac on 24 January 2020 . Dutch denial tax will be deducted from the allotment at a amount of 15%.
Acknowledgment On Invested Basic
Core Lab’s ROIC of 20.2% is the accomplished of the associate accumulation accumulated and appear by Bloomberg. The Company’s Board has accustomed an centralized achievement metric of accomplishing a arch about ROIC achievement compared with the oilfield account companies listed as Core’s Comp Accumulation by Bloomberg. The Aggregation and its Board accept that ROIC is a arch abiding achievement metric acclimated by shareholders to actuate the about advance amount of publicly-traded companies. Further, the Aggregation and its Board accept that shareholders will account if Amount consistently performs at aerial levels of ROIC about to its Comp Group. Amount Lab’s charge to basic administration is apprenticed in allotment by the Company’s continuing aesthetics of accepting a low capital-intensive business, averaging beneath than 4% of Aggregation revenues.
According to the latest Comp Accumulation banking advice from Bloomberg, Core’s ROIC is the accomplished of any comparably-sized oilfield account aggregation (greater than $1.5 billion bazaar capitalization). Comp Accumulation companies listed by Bloomberg include: Halliburton, Schlumberger, National Oilwell Varco, Baker Hughes, TGS-NOPEC Geophysical Company, Wood (formerly accepted as “The Wood Group”), and Apergy, amid others. Amount Lab is one of alone three of the 18 companies listed in the Comp Accumulation advertisement ROIC that exceeded their Weighted Boilerplate Amount of Basic (“WACC”). Core’s arrangement of ROIC to WACC is the accomplished of any aggregation in the Comp Group.
Environmental, Amusing and Babyminding
On 14 November 2019 , Bloomberg appear that Amount Lab would be one of the 325 companies, out of over 5,000 publicly-traded companies from 50 industries apery 42 countries and regions, to be included in the 2020 Bloomberg Gender-Equality Index (“BGEI”). The BGEI, with its focus on gender adequation in the workplace, is yet accession metric by which investors can barometer a company’s charge to environmental, amusing and babyminding factors beyond industries.
Aboriginal Division 2020 Acquirement and EPS Advice
Consistent with the antecedent advice provided on 30 December 2019 , Amount projects circumscribed aboriginal division 2020 acquirement of about $159,000,000 to $164,000,000 and operating assets of about $25,000,000 to $27,000,000 , acquiescent operating margins of about 16%. The Company’s EPS for the aboriginal division of 2020, application an able tax amount of 20%, is projected to be $0.39 to $0.41 . Further, the Aggregation will abide to assassinate on planned opportunities to calmly adjust the business with bazaar conditions.
Core Lab’s aboriginal division 2020 advice is based on projections for the basal operations and excludes assets or losses in adopted exchange.
Succession Planning Announcements
David Demshur to Retire at End of 2020
David Demshur , afterwards added than 25 years as Amount Lab’s Chairman and Chief Executive Officer, a administration rarely accomplished in any industry, is advertisement his affairs to retire able 31 December 2020 . Mr. Demshur will alteration from the roles of Chairman and Chief Executive Officer on 20 May 2020 , ancillary with Amount Lab’s Anniversary Shareholders’ Meeting. Mr. Demshur will not seek re-nomination to the Company’s Supervisory Board of Directors in 2020. Mr. Demshur’s retirement, at the age of 65, follows added than 40 years of committed administration and accession at Amount Lab. He led the administration buyout of Amount Lab in 1994 and its IPO in 1995. Since the IPO, and beneath Mr. Demshur’s leadership, Amount Lab’s absolute actor acknowledgment has consistently outperformed the added associates of the Philadelphia Oil Account Sector Index in the aggregate. This above achievement was apprenticed by the beheading of the Company’s abiding advance strategies and acclimatized adherence to the Company’s three banking tenets. Also, during Mr. Demshur’s leadership, Amount Lab decidedly broadcast its portfolio of casework and articles and all-around business, now operating in added than 50 countries.
Lawrence Bruno to be appointed Chairman and Chief Executive Officer in accession to confined in his accepted roles as President and Chief Operating Officer
Effective 20 May 2020 , Lawrence Bruno , currently a affiliate of the Company’s Board of Supervisory Directors, will accomplish David Demshur as the Company’s Chairman and Chief Executive Officer in accession to confined in his accepted roles as President and Chief Operating Officer. Mr. Bruno holds a Master’s amount in geology, has been in the industry for added than 35 years, and with Amount Lab for added than 21 years. As President and Chief Operating Officer, Mr. Bruno has led the Company’s all-around operations for both of its business segments, Backlog Description and Assembly Enhancement. Over the aftermost several years, Mr. Bruno has served as a abstruse agent for abounding broker presentations and panels in the oil and gas industry, and has been active in active the Company’s technology accession that will abide to be a analytic backbone in the years to come.
Antithesis Alarm Appointed
The Aggregation has appointed a appointment alarm to altercate Core’s fourth division 2019 antithesis announcement. The alarm will activate at 7:30 a.m. CST / 2:30 p.m. CET on Thursday , 30 January 2020. To accept to the call, amuse go to Core’s website at www.corelab.com .
Core Laboratories N.V. is a arch provider of proprietary and patented backlog description and assembly accessory casework and articles acclimated to optimize petroleum backlog performance. The Aggregation has over 70 offices in added than 50 countries and is amid in every above oil-producing arena in the world. This release, as able-bodied as added statements we make, includes advanced statements apropos the approaching revenue, profitability, business strategies and developments of the Aggregation fabricated in affirmation aloft the safe anchorage accoutrement of Federal balance law. The Company’s angle is accountable to assorted important cautionary factors, including risks and uncertainties accompanying to the oil and accustomed gas industry, business conditions, all-embracing markets, all-embracing political climates and added factors as added absolutely declared in the Company’s best contempo Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Balance and Barter Commission. These important factors could account the Company’s absolute after-effects to alter materially from those declared in these advanced statements. Such statements are based on accepted expectations of the Company’s achievement and are accountable to a array of factors, some of which are not beneath the ascendancy of the Company. Because the advice herein is based alone on abstracts currently available, and because it is accountable to change as a aftereffect of changes in altitude over which the Aggregation has no ascendancy or influence, such advanced statements should not be beheld as affirmation apropos the Company’s approaching performance. The Aggregation undertakes no obligation to about amend or alter any advanced account to reflect contest or affairs that may appear afterwards the date of this columnist release, except as appropriate by law.
Visit the Company’s website at www.corelab.com . Connect with Amount Lab on Facebook, LinkedIn and YouTube.
CORE LABORATORIES N.V. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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Three Months Ended
December 31, 2019
September 30, 2019
December 31, 2018
Costs of casework and sales
General and authoritative costs
Depreciation and acquittal
Added (income) expense, net
Absolute operating costs
Assets from continuing operations afore assets tax amount
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Assets from continuing operations
Assets (loss) from discontinued operations, net of assets taxes
Net assets (loss) attributable to non- authoritative absorption
Net assets attributable to Amount Laboratories N.V.
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Adulterated EPS attributable to Amount Laboratories N.V.
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