# Core Laboratories Inc.: Form 10-Q for the period ended Jun 30, 2023

- Company: [Core Laboratories Inc.](/companies/clb.md) (CIK 1958086)
- Form: 10-Q
- Filed: 2023-07-27
- Accepted by EDGAR: Jul 27, 2023, 21:05 ET
- Period: 2023-06-30
- Accession: 0000950170-23-035213
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1958086/000095017023035213/clb-20230630.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1958086/000095017023035213/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2023-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2023-04-01 to 2023-06-30 | $127.9m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 6 months, 2023-01-01 to 2023-06-30 | $256.2m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Operating income | 3 months, 2023-04-01 to 2023-06-30 | $18.9m | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2023-01-01 to 2023-06-30 | $25.4m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2023-04-01 to 2023-06-30 | $3.2m | us-gaap:InterestExpense |
| Interest expense | 6 months, 2023-01-01 to 2023-06-30 | $6.7m | us-gaap:InterestExpense |
| Income tax | 3 months, 2023-04-01 to 2023-06-30 | −$7.3m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2023-01-01 to 2023-06-30 | −$6.6m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2023-04-01 to 2023-06-30 | $22.8m | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2023-01-01 to 2023-06-30 | $25.2m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2023-04-01 to 2023-06-30 | $0.48 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months, 2023-01-01 to 2023-06-30 | $0.53 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2023-04-01 to 2023-06-30 | $0.49 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months, 2023-01-01 to 2023-06-30 | $0.54 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2023-04-01 to 2023-06-30 | 47,497,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months, 2023-01-01 to 2023-06-30 | 47,476,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months, 2023-01-01 to 2023-06-30 | $5.6m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2023-04-01 to 2023-06-30 | $2.2m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Capital expenditure | 6 months, 2023-01-01 to 2023-06-30 | $4.4m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 6 months, 2023-01-01 to 2023-06-30 | $934.0k | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 6 months, 2023-01-01 to 2023-06-30 | $200.0k | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2023-06-30 | $26.2m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2023-06-30 | $236.1m | us-gaap:AssetsCurrent |
| Total assets | at 2023-06-30 | $601.8m | us-gaap:Assets |
| Current liabilities | at 2023-06-30 | $96.2m | us-gaap:LiabilitiesCurrent |
| Long-term debt | at 2023-06-30 | $182.6m | us-gaap:LongTermDebtNoncurrent |
| Shareholders' equity | at 2023-06-30 | $214.8m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 50,063 characters.

On May 1, 2023, Core Laboratories N.V. completed its previously announced redomestication transaction (the “Redomestication Transaction”), which included (i) the merger (the “Merger”) of Core Laboratories N.V. with and into Core Laboratories Luxembourg S.A., a public limited liability company incorporated under the laws of Luxembourg, with Core Laboratories Luxembourg S.A. surviving, and (ii) following the completion of the Merger, the migration of Core Laboratories Luxembourg S.A. out of Luxembourg and its domestication as Core Laboratories Inc., a Delaware corporation. As a result of the Redomestication Transaction, all common shares in Core Laboratories N.V. were canceled and exchanged for common stock in Core Laboratories Luxembourg S.A. on a one-for-one basis. Former holders of Core Laboratories N.V. common shares now hold one share of common stock of Core Laboratories Inc. for each Core Laboratories N.V. common share owned immediately prior to the consummation of the Redomestication Transaction, and the business, assets, liabilities, directors and officers of Core Laboratories Inc. are now the same as the business, assets, liabilities, directors and officers of Core Laboratories N.V. immediately prior to the Redomestication Transaction. See Note 2 - *Significant Accounting Policies Update – Basis of Presentation and Principles of Consolidation*, Note 7 - *Long-Term Debt, net*, Note 8 - *Pension And Other Postretirement Benefit Plans*, Note 10 - *Equity* and Note 14 - *Income Tax Expense (Benefit)* of the Notes to the Interim Consolidated Financial Statements for additional information regarding the Redomestication Transaction. The following discussion should be read in conjunction with Core Laboratories N.V.’s Quarterly Report on Form 10-Q for the three months ended March 31, 2023 and Core Laboratories N.V.’s Annual Report on Form 10-K for the year ended December 31, 2022.

The following discussion highlights the current operating environment and summarizes the financial position of Core Laboratories Inc. and its subsidiaries as of June 30, 2023, and should be read in conjunction with the unaudited interim consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q (“Quarterly Report”).

### General

Core Laboratories Inc. is a Delaware corporation and successor to Core Laboratories N.V. subsequent to the Redomestication Transaction. It was established in 1936 and is one of the world's leading providers of proprietary and patented reservoir description and production enhancement services and products to the oil and gas industry. These services and products can enable our clients to evaluate and improve reservoir performance and increase oil and gas recovery from new and existing fields. Core Laboratories Inc. has over 70 offices in more than 50 countries and employs approximately 3,600 people worldwide.

References to “Core Lab”, “Core Laboratories”, the “Company”, “we”, “our” and similar phrases are used throughout this Quarterly Report and relate collectively to Core Laboratories Inc. and its consolidated affiliates.

We operate our business in two segments: Reservoir Description and Production Enhancement. These complementary operating segments provide different services and products and utilize different technologies for evaluating and improving reservoir performance and increasing oil and gas recovery from new and existing fields.

- *Reservoir Description:* Encompasses the characterization of petroleum reservoir rock and reservoir fluids samples to increase production and improve recovery of crude oil and natural gas from our clients' reservoirs. We provide laboratory-based analytical and field services to characterize properties of crude oil and crude oil-derived products to the oil and gas industry. Services relating to these fluids include determining the quality and measuring the quantity of the reservoir fluids and their derived products, such as gasoline, diesel and biofuels. We also provide proprietary and joint industry studies based on these types of analyses and manufacture associated laboratory equipment. In addition, we provide reservoir description capabilities that support various activities associated with energy transition projects, including services that support carbon capture, utilization and storage, hydrogen storage, geothermal projects, and the evaluation and appraisal of mining activities around lithium and other elements necessary for energy storage.
- *Production Enhancement:* Includes services and manufactured products associated with reservoir well completions, perforations, stimulation, production and well abandonment. We provide integrated diagnostic services to evaluate and monitor the effectiveness of well completions and to develop solutions aimed at increasing the effectiveness of enhanced oil recovery projects.

### Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (“Exchange Act”). Certain statements contained in this Management's Discussion and Analysis of Financial Condition and Results of Operations section, including those under the headings “Outlook” and “Liquidity and Capital Resources”, and in other parts of this Quarterly Report, are forward-looking. In addition, from time to time, we may publish forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, research and development activities and similar matters. Forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “believe”, “expect”, “anticipate”, “estimate”, “continue”, or other similar words, including statements as to the intent, belief, or current expectations of our directors, officers, and management with respect to our future operations, performance, or positions or which contain other forward-looking information. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, no assurances can be given that the future results indicated, whether expressed or implied, will be achieved. While we believe that these statements are and will be accurate, our actual results and experience may differ materially from the anticipated results or other expectations expressed in our statements due to a variety of risks and uncertainties.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a more detailed discussion of some of the foregoing risks and uncertainties, see Part II, “Item 1A - Risk Factors” of this Quarterly Report and “Item 1A - Risk Factors” of Core Laboratories N.V.’s Quarterly Report on Form 10-Q for the three months ended March 31, 2023, and Core Laboratories N.V.’s Annual Report on Form 10-K for the year ended December 31, 2022 filed by us with the SEC.

### Outlook

Currently, global oil inventories are low relative to historical levels and supply from the Organization of the Petroleum Exporting Countries and other oil producing nations (“OPEC+”) is not expected to be sufficient to meet forecasted oil demand growth for the next few years. On April 2, 2023, OPEC+ announced further reductions in production of around 1.66 million barrels (“bbls”) per day. In July 2023, Saudi Arabia, a key member of OPEC+, started an additional reduction of 1.0 million bbls over the two earlier reductions as a precautionary measure aimed at supporting the stability of the oil market.

The geopolitical conflict between Russia and Ukraine that erupted in February 2022, caused disruptions to traditional maritime supply chains associated with the movement of crude oil, primarily reducing the level of crude oil sourced from Russia and being imported into various European ports. The disruptions to traditional maritime supply chains of crude oil and derived products, such as diesel fuel, and associated sanctions imposed on maritime exports of these products out of Russia caused significant volatility in both the prices and trading patterns of these products during 2022 and into 2023. As a result, average crude-oil prices were elevated during 2022, but have since decreased and moderated for the six months ended June 30, 2023.

The current global demand for crude oil and natural gas remains at a high level and according to the latest International Energy Agency’s report, global demand is expected to increase throughout 2023. As a result, it is anticipated that crude-oil commodity prices for the near-term will remain at current levels or increase if projections for demand remain accurate. In 2022, capital spending towards the exploration of crude oil and natural gas reached their highest level in over a decade, and our clients' activities associated with the appraisal, development and production of crude oil and natural gas are also expected to remain at current levels or increase for the remainder of 2023.

The maritime supply chains associated with the movement of crude oil continue to realign and establish new logistical and trading patterns, as Europe finds new suppliers of crude oil to import into the region, and maritime exports from Russia find new destinations. Thus, Core Lab expects supply lines to continue to realign and stabilize, and the Company's volume of associated laboratory services to be commensurate with the trading and movement of crude-oil into Europe and across the globe, such as the Middle East and Asia. The situation continues to evolve and the United States, the European Union, the United Kingdom and other countries may implement additional sanctions, export controls or other measures against Russia, Belarus and other countries, regions, officials, individuals or industries in the respective territories. We have no way to predict the progress or outcome of these events, and any resulting government responses are fluid and beyond our control.

We continue to focus on large-scale core analyses and reservoir fluids characterization studies in the Eagle Ford Shale, the Permian Basin and the Gulf of Mexico, along with Guyana, Suriname, Malaysia and other international locations such as offshore South America, Australia, Southern Namibia and the Middle East, including Qatar, Saudi Arabia, Kuwait and the United Arab Emirates. Analysis of crude oil derived products also occurs in every major producing region of the world.

Our major clients continue to focus on capital management, return on invested capital, free cash flow, and returning capital to their shareholders, as opposed to a focus on production growth. The companies adopting value versus volume metrics tend to be the more technologically sophisticated operators and form the foundation of Core Lab’s worldwide client base. As oil and gas commodity prices have stabilized or are expected to increase in the near to mid-term, the Company expects our clients’ activities associated with increasing oil and gas reserves and production levels will continue to increase in the coming years. Additionally, some of our major clients have begun investing in projects to reduce the levels of CO2 in the atmosphere, including carbon capture and sequestration projects. The Company’s activities on these projects have expanded and are expected to continue expanding in 2023 and beyond.

### Results of Operations

Our results of operations as a percentage of applicable revenue are as follows (in thousands):

| REVENUE: | Three Months Ended June 30, 2023 |  | 2022 |  | 2023/2022 $ Change | % Change |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Services | $93,265 | 73% | $85,422 | 71% | $7,843 | 9% |
| Product sales | 34,616 | 27% | 35,476 | 29% | (860) | (2)% |
| Total revenue | 127,881 | 100% | 120,898 | 100% | 6,983 | 6% |
| OPERATING EXPENSES: |  |  |  |  |  |  |
| Cost of services, exclusive of depreciation expense shown below\* | 71,121 | 76% | 68,166 | 80% | 2,955 | 4% |
| Cost of product sales, exclusive of depreciation expense shown below\* | 29,174 | 84% | 29,791 | 84% | (617) | (2)% |
| Total cost of services and product sales | 100,295 | 78% | 97,957 | 81% | 2,338 | 2% |
| General and administrative expense, exclusive of depreciation expense shown below | 5,811 | 5% | 6,847 | 6% | (1,036) | (15)% |
| Depreciation and amortization | 3,937 | 3% | 4,360 | 4% | (423) | (10)% |
| Other (income) expense, net | (1,068) | (1)% | 82 | —% | (1,150) | NM |
| OPERATING INCOME | 18,906 | 15% | 11,652 | 10% | 7,254 | 62% |
| Interest expense | 3,236 | 3% | 2,707 | 2% | 529 | 20% |
| Income before income taxes | 15,670 | 12% | 8,945 | 7% | 6,725 | 75% |
| Income tax expense (benefit) | (7,259) | (6)% | 1,789 | 1% | (9,048) | NM |
| Net income | 22,929 | 18% | 7,156 | 6% | 15,773 | 220% |
| Net income attributable to non-controlling interest | 83 | —% | 90 | —% | (7) | NM |
| Net income attributable to Core Laboratories Inc. | $22,846 | 18% | $7,066 | 6% | $15,780 | 223% |
| **Other Data:** |  |  |  |  |  |  |
| Current ratio (1) | 2.45:1 |  | 2.08:1 |  |  |  |
| Debt to EBITDA ratio (2) | 2.18:1 |  | 3.23:1 |  |  |  |
| Debt to Adjusted EBITDA ratio (3) | 1.85:1 |  | 2.47:1 |  |  |  |

“NM” means not meaningful

\*Percentage based on applicable revenue rather than total revenue

*(1) Current ratio is calculated as follows: current assets divided by current liabilities.*

*(2) Debt to EBITDA ratio is calculated as follows: debt less cash divided by the sum of consolidated net income plus interest, taxes, depreciation, amortization and certain non-cash adjustments.*

*(3) Debt to Adjusted EBITDA ratio (as defined in our Credit Facility) is calculated as follows: debt less cash divided by the sum of consolidated net income plus interest, taxes, depreciation, amortization, impairments, severance and certain non-cash adjustments.*

| REVENUE: | Three Months Ended June 30, 2023 |  | March 31, 2023 |  | Q2/Q1 $ Change | % Change |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Services | $93,265 | 73% | $91,076 | 71% | $2,189 | 2% |
| Product sales | 34,616 | 27% | 37,280 | 29% | (2,664) | (7)% |
| Total revenue | 127,881 | 100% | 128,356 | 100% | (475) | (0)% |
| OPERATING EXPENSES: |  |  |  |  |  |  |
| Cost of services, exclusive of depreciation expense shown below\* | 71,121 | 76% | 70,934 | 78% | 187 | 0% |
| Cost of product sales, exclusive of depreciation expense shown below\* | 29,174 | 84% | 30,594 | 82% | (1,420) | (5)% |
| Total cost of services and product sales | 100,295 | 78% | 101,528 | 79% | (1,233) | (1)% |
| General and administrative expense, exclusive of depreciation expense shown below | 5,811 | 5% | 16,331 | 13% | (10,520) | (64)% |
| Depreciation and amortization | 3,937 | 3% | 4,044 | 3% | (107) | (3)% |
| Other (income) expense, net | (1,068) | (1)% | (28) | —% | (1,040) | 3714% |
| OPERATING INCOME | 18,906 | 15% | 6,481 | 5% | 12,425 | 192% |
| Interest expense | 3,236 | 3% | 3,429 | 3% | (193) | (6)% |
| Income before income taxes | 15,670 | 12% | 3,052 | 2% | 12,618 | 413% |
| Income tax expense (benefit) | (7,259) | (6)% | 610 | —% | (7,869) | NM |
| Net income | 22,929 | 18% | 2,442 | 2% | 20,487 | 839% |
| Net income attributable to non-controlling interest | 83 | —% | 69 | —% | 14 | NM |
| Net income attributable to Core Laboratories Inc. | $22,846 | 18% | $2,373 | 2% | $20,473 | 863% |
| **Other Data:** |  |  |  |  |  |  |
| Current ratio (1) | 2.45:1 |  | 2.38:1 |  |  |  |
| Debt to EBITDA ratio (2) | 2.18:1 |  | 2.52:1 |  |  |  |
| Debt to Adjusted EBITDA ratio (3) | 1.85:1 |  | 2.18:1 |  |  |  |

“NM” means not meaningful

\*Percentage based on applicable revenue rather than total revenue

*(1) Current ratio is calculated as follows: current assets divided by current liabilities.*

*(2) Debt to EBITDA ratio is calculated as follows: debt less cash divided by the sum of consolidated net income plus interest, taxes, depreciation and amortization and certain non-cash adjustments.*

*(3) Debt to Adjusted EBITDA ratio (as defined in our Credit Facility) is calculated as follows: debt less cash divided by the sum of consolidated net income plus interest, taxes, depreciation, amortization, impairments, severance and certain non-cash adjustments.*

| REVENUE: | Six Months Ended June 30, 2023 |  | 2022 |  | 2023/2022 $ Change | % Change |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Services | $184,341 | 72% | $170,145 | 72% | $14,196 | 8% |
| Product sales | 71,896 | 28% | 66,053 | 28% | 5,843 | 9% |
| Total revenue | 256,237 | 100% | 236,198 | 100% | 20,039 | 8% |
| OPERATING EXPENSES: |  |  |  |  |  |  |
| Cost of services, exclusive of depreciation expense shown below\* | 142,055 | 77% | 137,023 | 81% | 5,032 | 4% |
| Cost of product sales, exclusive of depreciation expense shown below\* | 59,768 | 83% | 57,886 | 88% | 1,882 | 3% |
| Total cost of services and product sales | 201,823 | 79% | 194,909 | 83% | 6,914 | 4% |
| General and administrative expense, exclusive of depreciation expense shown below | 22,142 | 9% | 19,392 | 8% | 2,750 | 14% |
| Depreciation and amortization | 7,981 | 3% | 8,917 | 4% | (936) | (10)% |
| Other (income) expense, net | (1,096) | —% | 1,719 | 1% | (2,815) | NM |
| OPERATING INCOME (LOSS) | 25,387 | 10% | 11,261 | 5% | 14,126 | 125% |
| Interest expense | 6,665 | 3% | 5,351 | 2% | 1,314 | 25% |
| Income before income taxes | 18,722 | 7% | 5,910 | 3% | 12,812 | 217% |
| Income tax expense (benefit) | (6,649) | (3)% | 593 | —% | (7,242) | NM |
| Net income | 25,371 | 10% | 5,317 | 2% | 20,054 | 377% |
| Net income attributable to non-controlling interest | 152 | —% | 139 | —% | 13 | NM |
| Net income attributable to Core Laboratories Inc. | $25,219 | 10% | $5,178 | 2% | $20,041 | 387% |
| **Other Data:** |  |  |  |  |  |  |
| Current ratio (1) | 2.45:1 |  | 2.08:1 |  |  |  |
| Debt to EBITDA ratio (2) | 2.18:1 |  | 3.23:1 |  |  |  |
| Debt to Adjusted EBITDA ratio (3) | 1.85:1 |  | 2.47:1 |  |  |  |

“NM” means not meaningful

\*Percentage based on applicable revenue rather than total revenue

*(1) Current ratio is calculated as follows: current assets divided by current liabilities.*

*(2) Debt to EBITDA ratio is calculated as follows: debt less cash divided by the sum of consolidated net income plus interest, taxes, depreciation and amortization and certain non-cash adjustments.*

*(3) Debt to Adjusted EBITDA ratio (as defined in our Credit Facility) is calculated as follows: debt less cash divided by the sum of consolidated net income plus interest, taxes, depreciation, amortization, impairments, severance and certain non-cash adjustments.*

***Operating Results for the Three Months Ended June 30, 2023 compared to the Three Months Ended June 30, 2022 and March 31, 2023 and for the Six Months Ended June 30, 2023 compared to the Six Months Ended June 30, 2022***

### Service Revenue

Service revenue is primarily tied to activities associated with the exploration, appraisal, development, and production of oil, gas and derived products outside the U.S. For the three months ended June 30, 2023, service revenue was $93.3 million, an increase of 9% year-over-year and 2% sequentially. Year-over-year, the increase was due to growth in activity levels in both U.S. and international markets. Growth in international markets was primarily driven by growing client activity for our core and reservoir fluids analysis services in the Middle East region, and increased services in the European region as supply chains and logistic patterns of maritime transportation of crude oil and derived products continue to stabilize. The increase in the U.S. operations benefited from increased use of our diagnostic services on the U.S. land completions. Sequentially, international projects moderately improved as activity on projects outside the U.S. continues to build. For the six months ended June 30, 2023, service revenue was $184.3 million, an increase of 8% compared to the same period in the prior year, driven by increases in both international and U.S. activity discussed above.

### Product Sales Revenue

For the three months ended June 30, 2023, product sales revenue of $34.6 million decreased 2% year-over-year and 7% sequentially. Year-over-year our product sales revenue to the U.S. onshore market increased 4%, outperforming the average U.S. land rig count over the same period. However, this improvement in the U.S. land market was offset by lower international bulk sales for the quarter ended June 30, 2023. Product sales to international markets are typically shipped and delivered in bulk and the timing of delivery can vary from one quarter to another. Sequentially, the decrease was associated with both a decrease of drilling and well completion activity onshore in the U.S. and fewer bulk sales to international markets. The average rig count for U.S. land decreased 6% sequentially, and associated well completions have also decreased sequentially. Our product sales to the U.S. onshore markets decreased 3% sequentially, and product sales to international markets were down 9%. For the six months ended June 30, 2023, product sales revenue was $71.9 million, and increased 9% compared to the same period in the prior year, and is attributable to increased sales in both the U.S. and international markets.

### Cost of Services, excluding depreciation

Cost of services was $71.1 million for the three months ended June 30, 2023, an increase of 4% year-over-year and flat sequentially. Cost of services expressed as a percentage of service revenue improved to 76% for the three months ended June 30, 2023, compared to 80% for the same period in the prior year, and 78% compared to the prior quarter. The year-over-year and sequential improvement in cost of services as a percentage of service revenue for the three months ended June 30, 2023, was primarily associated with improved utilization of our global laboratory network on higher revenue. For the six months ended June 30, 2023, cost of services was $142.1 million, an increase of 4% compared to the same period in the prior year. Cost of services expressed as a percentage of service revenue improved to 77% compared to 81% in the same period in the prior year. The improvement was also primarily associated with improved utilization of our global laboratory network on higher revenue.

### Cost of Product Sales, excluding depreciation

Cost of product sales was $29.2 million for the three months ended June 30, 2023, a decrease of 2% year-over-year and 5% sequentially. Cost of product sales expressed as a percentage of product sales revenue was 84% for the three months ended June 30, 2023, remained flat year-over-year, and compared to 82% for the prior quarter. Year-over-year, the change in cost of product sales were commensurate with the changes in product sales revenue. Sequentially, the higher cost of product sales as a percentage of product sales revenue was primarily due to inflation on material costs in 2023. For the six months ended June 30, 2023, cost of product sales was $59.8 million, an increase of 3% compared to the same period in the prior year. Cost of product sales expressed as a percentage of product sales revenue was 83% for the six months ended June 30, 2023, and improved from 88% compared to the same period in the prior year. The improvement in cost of product sales as a percentage of product sales revenue was primarily due to improved manufacturing productivity and absorption of fixed costs on a higher revenue base, though this improvement was partially offset by inflation as discussed above.

### General and Administrative Expense, excluding depreciation

General and administrative ( “G&A”) expense includes corporate management and centralized administrative services that benefit our operations. G&A expense for the three months ended June 30, 2023 was $5.8 million, a decrease of $1.0 million year-over-year and $10.5 million sequentially. Year-over-year, the decrease was primarily due to 1) a reversal of $0.9 million in stock compensation expense previously recognized as the performance conditions associated with the performance share awards were determined to be unachievable; and 2) a net gain of $2.0 million from the company owned life insurance policies associated with death benefit proceeds. The quarter ending June 30, 2022 included 1) a reversal of $3.3 million in stock compensation expense previously recognized as the performance conditions associated with the performance share awards were determined to be unachievable; partially offset by 2) a net loss on company owned life insurance policies of $1.0 million associated with mark-to-market valuation. Sequentially, the decrease was primarily due to the recognition of additional stock compensation expense of $6.5 million increasing G&A expense for the three months ended March 31, 2023, which was associated with the accelerated stock compensation expense for retirement eligible employees. G&A expense was decreased during the three months June 30, 2023 by adjustments to reverse previously recognized stock compensation expense, and net gain associated with cash proceeds received from company owned life insurance policies, as discussed above.

G&A expense for the six months ended June 30, 2023, was $22.1 million compared to $19.4 million for the six months ended June 30, 2022. The increase of $2.8 million was primarily due to changes in stock compensation expense and the changes in company owned life insurance policies, as discussed above.

### Depreciation and Amortization Expense

Depreciation and amortization expense for the three months ended June 30, 2023, was $3.9 million a decrease of 10% year-over-year and 3% sequentially. Depreciation and amortization expense for the six months ended June 30, 2023, was $8.0 million a decrease of 10% year-over-year. Decreasing depreciation and amortization expense is primarily due to more assets becoming fully depreciated and reduced capital expenditures.

### Other (Income) Expense, Net

The components of other (income) expense, net, are as follows (in thousands):

|  | Three Months Ended June 30, 2023 | 2022 | Six Months Ended June 30, 2023 | 2022 |
| --- | ---: | ---: | ---: | ---: |
| (Gain) loss on sale of assets | $(129) | $(111) | $(33) | $(268) |
| Results of non-consolidated subsidiaries | (62) | (21) | (199) | (114) |
| Foreign exchange (gain) loss, net | (386) | 1,258 | (530) | 841 |
| Rents and royalties | (110) | (126) | (255) | (297) |
| Return on pension assets and other pension costs | (330) | (136) | (656) | (281) |
| Loss on lease abandonment and other exit costs | — | — | 641 | — |
| Assets write-down | — | — | 1,015 | — |
| Severance and other charges | — | — | — | 3,332 |
| Insurance and other settlements | — | — | (604) | (669) |
| Other, net | (51) | (782) | (475) | (825) |
| Total other (income) expense, net | $(1,068) | $82 | $(1,096) | $1,719 |

During the six months ended June 30, 2023, we abandoned certain leases in the U.S. and Canada and incurred costs of $0.6 million. We integrated and relocated certain of our facilities in Canada and wrote down related leasehold improvements and right of use assets of $1.0 million. Additionally, the State of Louisiana expropriated the access road to one of our facilities and paid us a settlement of $0.6 million. During the six months ended June 30, 2022, we received insurance settlements of $0.7 million associated with business interruptions and property losses to certain facilities caused by the North America mid-continent winter storm in February 2021.

Foreign exchange (gain) loss, net by currency is summarized in the following table (in thousands):

|  | Three Months Ended June 30, 2023 | 2022 | Six Months Ended June 30, 2023 | 2022 |
| --- | ---: | ---: | ---: | ---: |
| British Pound | $70 | $28 | $(181) | $(8) |
| Canadian Dollar | (64) | (44) | (6) | 29 |
| Colombian Peso | 79 | (187) | 132 | (89) |
| Euro | (101) | (357) | (17) | (455) |
| Russian Ruble | (90) | 1,707 | (341) | 1,105 |
| Turkish Lira | (443) | 37 | (448) | 124 |
| Other currencies, net | 163 | 74 | 331 | 135 |
| Foreign exchange (gain) loss, net | $(386) | $1,258 | $(530) | $841 |

28

### Interest Expense

Interest expense for the three months ended June 30, 2023 was $3.2 million compared to $2.7 million and $3.4 million for the three months ended June 30, 2022 and March 31, 2023, respectively. Interest expense for the six months ended June 30, 2023 was $6.7 million compared to $5.4 million for the six months ended June 30, 2022. Year-over-year, for the three and six months ended June 30, 2023, interest expense was higher primarily due to rising interest rates on our aggregated variable rate debt during these periods. Sequentially, the decrease was primarily due to lower average borrowings during the three months ended June 30, 2023, and the net effect of our interest rate swap hedging transactions during these periods. See Note 11 - *Derivative Instruments and Hedging Activities* of the Notes to the Interim Consolidated Financial Statements, for additional information.

### Income Tax Expense (Benefit)

The Company recorded an income tax benefit of $7.3 million and $6.6 million for the three and six months ended June 30, 2023, respectively, compared to an income tax expense of $1.8 million and $0.6 million for the three and six months ended June 30, 2022, respectively. The effective tax rate for the three and six months ended June 30, 2023 was (46.3%) and (35.5%), respectively. The effective tax rate for the three and six months ended June 30, 2022 was 20% and 10%, respectively. The tax rate for the three and six months ended June 30, 2023 was largely impacted by the reversal of net deferred tax liabilities attributable to Core Laboratories N.V. which will not be realized subsequent to the Redomestication Transaction on May 1, 2023. The tax rate for the six months ended June 30, 2022 was largely impacted by the release of withholding tax related to unrepatriated earnings of our Russian subsidiary, which are not expected to be distributed in the foreseeable future.

### Segment Analysis

We operate our business in two segments. These complementary operating segments provide different services and products and utilize different technologies for evaluating and improving reservoir performance and increasing oil and gas recovery from new and existing fields. The following tables summarize our results by operating segment (in thousands):

| Revenue: | Three Months Ended June 30, 2023 | 2022 | 2023/2022 $ Change | % Change | Three Months Ended March 31, 2023 | Q2/Q1 $ Change | % Change |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Reservoir Description | $83,384 | $75,818 | $7,566 | 10% | $80,188 | $3,196 | 4% |
| Production Enhancement | 44,497 | 45,080 | (583) | (1)% | 48,168 | (3,671) | (8)% |
| Consolidated | $127,881 | $120,898 | $6,983 | 6% | $128,356 | $(475) | (0)% |
| **Operating income (loss):** |  |  |  |  |  |  |  |
| Reservoir Description | $13,316 | $5,925 | $7,391 | 125% | $2,471 | $10,845 | 439% |
| Production Enhancement | 5,498 | 4,949 | 549 | 11% | 3,281 | 2,217 | 68% |
| Corporate and Other (1) | 92 | 778 | (686) | NM | 729 | (637) | NM |
| Consolidated | $18,906 | $11,652 | $7,254 | 62% | $6,481 | $12,425 | 192% |
| "NM" means not meaningful (1) "Corporate and Other" represents those items that are not directly related to a particular operating segment. |  |  |  |  |  |  |  |

29

| Revenue: | Six Months Ended June 30, 2023 | 2022 | 2023/2022 $ Change | % Change |
| --- | ---: | ---: | ---: | ---: |
| Reservoir Description | $163,572 | $150,572 | $13,000 | 9% |
| Production Enhancement | 92,665 | 85,626 | 7,039 | 8% |
| Consolidated | $256,237 | $236,198 | $20,039 | 8% |
| **Operating income (loss):** |  |  |  |  |
| Reservoir Description | $15,787 | $6,287 | $9,500 | 151% |
| Production Enhancement | 8,779 | 4,030 | 4,749 | 118% |
| Corporate and Other (1) | 821 | 944 | (123) | NM |
| Consolidated | $25,387 | $11,261 | $14,126 | 125% |
| "NM" means not meaningful (1) "Corporate and Other" represents those items that are not directly related to a particular operating segment. |  |  |  |  |

### Reservoir Description

Reservoir Description operations rely heavily on international and offshore activity levels, with approximately 80% of its revenue sourced from existing producing fields, development projects and movement of crude oil products outside the U.S. The Company continues to see improvement in international projects across several international regions; however, increases in project activity have been offset by disruptions caused by the Russia-Ukraine geopolitical conflict. The Russia-Ukraine geopolitical conflict that erupted in February 2022 caused disruptions and changes in the maritime movement and logistical trading patterns for crude oil and derived products, primarily exports from Russia being transported into Europe.

Revenue from the Reservoir Description operating segment of $83.4 million for the three months ended June 30, 2023 increased 10% year-over-year and 4% sequentially. The year-over-year increase was primarily due to increased demand for reservoir core and reservoir fluids analysis services on international projects along with moderate growth on projects in the U.S. during the three months ended June 30, 2023 compared to the same period in 2022. The sequential increase in revenue is primarily due to growing client activity for our reservoir core and reservoir fluids analysis services in the Middle East region, and the recovery of activity levels in the European region as the supply chains associated with the maritime movement of crude oil realign to new trading patterns. Revenue from the Reservoir Description segment of $163.6 million for the six months ended June 30, 2023 increased 9% from the same period in 2022. The increased revenue in 2023 is primarily due to growth in activity levels on international projects, particularly the Middle East, and a recovery of some services associated with the maritime movement of crude oil and derived products which was impacted by the Russia-Ukraine conflict, as discussed above.

Operating income of $13.3 million for the three months ended June 30, 2023 increased $7.4 million, year-over-year and $10.8 million sequentially. Year-over-year, the operating income increased due to 1) improved utilization of our global laboratory network as a result of higher activity levels and revenue; 2) a net gain of $1.3 million cash proceeds received from company owned life insurance policies; and 3) a reversal of previously recognized stock compensation expense of $0.6 million, as the performance conditions associated with the performance share awards were determined to be unachievable. A similar reversal of $2.1 million was recorded in the same period in 2022. Sequentially, the increase in the operating income is due to the items as discussed above. Additionally, certain charges included in the three months ended March 31, 2023 were: 1) a charge of $4.2 million associated with accelerated stock compensation expense for retirement eligible employees; and 2) a charge of $1.3 million associated with facility exit and consolidation expenses in the United States and Canada in 2023. No similar expenses were recorded in the three months ended June 30, 2023. Operating income of $15.8 million for the six months ended June 30, 2023, increased $9.5 million year-over-year compared to the same period in 2022. The increase in operating income is primarily due to the items discussed above.

Operating margins were 16% for the three months ended June 30, 2023, compared to 8% for the three months ended June 30, 2022, and 3% for the three months ended March 31, 2023. Operating margins were 10% for the six months ended June 30, 2023, which increased from 4% for the six months ended June 30, 2022. The increases in operating margin primarily driven by higher revenue, improved utilization, gain from company owned life insurance policies and changes in stock compensation expense, as discussed above.

We continue to focus on large-scale core analysis and reservoir fluids characterization studies in most oil-producing regions across the globe, which include both newly developed fields and brownfield extensions in many offshore developments. Analysis and measurement of crude oil derived products also occurs in every major producing region of the world. Additionally, client interest and activity continues to increase on projects for the purpose of carbon capture and sequestration.

### Production Enhancement

Production Enhancement operations are largely focused on complex completions in unconventional, tight-oil reservoirs in the U.S. as well as conventional projects across the globe. During the year 2022, U.S. land drilling and completion activities continued to increase throughout the year, until a normal seasonal drop starting in mid-November 2022. Although U.S. land drilling and completion activities that began to increase again peaked in April of 2023, activity declined during the three months ended June 30, 2023, primarily due to the weakening of natural gas commodity prices. International drilling and completion activities continued to show an improvement during the three months ended June 30, 2023.

Revenue from the Production Enhancement operating segment of $44.5 million for the three months ended June 30, 2023, remained flat year-over-year and decreased 8% sequentially. Although international markets continue to strengthen year-over-year, this has been offset by a weaker market for U.S. onshore. Sequentially, the decrease was primarily due to decreased activity in the U.S. market and some delayed product sales due to instability caused by political unrest in South America. Revenue from the Production Enhancement segment of $92.7 million for the six months ended June 30, 2023, increased 8% from the same period in 2022. The increase in revenue in 2023 is primarily driven by the increased drilling and completion activity in both the U.S. land and international markets, however, growth in the U.S. onshore market was softened by weaker natural gas commodity prices, as discussed above.

Operating income of $5.5 million for the three months ended June 30, 2023, increased $0.5 million year-over-year, and $2.2 million sequentially. The year-over-year increase in operating income was primarily due to improved manufacturing efficiencies. These improved operating efficiencies have been partially offset by continued increase in cost of materials and shipping as a result of inflation. Sequentially, the increase in operating income was primarily driven by accelerated stock compensation expense for retirement eligible employees recorded in the three months ended March 31, 2023 of $2.3 million, and no similar accelerated stock compensation expense was recorded in the three months ended June 30, 2023. Operating income of $8.8 million for the six months ended June 30, 2023, increased $4.7 million compared to the same period in the prior year. The increase in operating income was primarily driven by improved manufacturing efficiencies due to absorption of fixed cost on a higher revenue base, partially offset by increased cost of materials and shipping due to inflation in 2023.

Operating margins for the three months ended June 30, 2023, were 12%, compared to operating margins of 11% for the same period in the prior year and 7% in the three months ended March 31, 2023. Operating margins were 9% for the six months ended June 30, 2023, which increased from 5% for the six months ended June 30, 2022. The increases in operating margin were primarily driven by improved manufacturing efficiencies due to absorption of fixed cost on a higher revenue base, partially offset by increased cost of materials and shipping caused by inflation in 2023, as discussed above.

### Liquidity and Capital Resources

### General

We have historically financed our activities through cash on hand, cash flows from operations, bank credit facilities, equity financing and the issuance of debt. Cash flows from operating activities provide the primary source of funds to finance operating needs, capital expenditures, dividends and our share repurchase program. Our ability to maintain and grow our operating income and cash flow depends, to a large extent, on continued investing activities. We believe our future cash flows from operations, supplemented by our borrowing capacity and the ability to issue additional equity and debt, should be sufficient to fund our debt requirements, capital expenditures, working capital, dividends, share repurchase program and future acquisitions. The Company will continue to monitor and evaluate the availability of debt and equity markets.

We were a holding company incorporated in the Netherlands, and after the Redomestication Transaction, we are a holding company incorporated in Delaware. Therefore, we conduct substantially all of our operations through our subsidiaries. Our cash availability is largely dependent upon the ability of our subsidiaries to pay cash dividends or otherwise distribute or advance funds to us and on the terms and conditions of our existing and future credit arrangements. There are no restrictions preventing any of our subsidiaries from repatriating earnings, except for the unrepatriated earnings of our Russian subsidiary which are not expected to be distributed in the foreseeable future, and there are no restrictions or income taxes associated with distributing cash to the parent company through loans or advances. As of June 30, 2023, $17.9 million of our $26.2 million of cash was held by our foreign subsidiaries.

The Company continues to maintain the quarterly dividend of $0.01 per share.

### Cash Flows

The following table summarizes cash flows (in thousands):

| Cash flows provided by (used in): | Six Months Ended June 30, 2023 | 2022 | 2023/2022 % Change |
| --- | ---: | ---: | ---: |
| Operating activities | $5,572 | $5,895 | (5)% |
| Investing activities | (818) | (2,357) | (65)% |
| Financing activities | 6,022 | (5,093) | NM |
| Net change in cash and cash equivalents | $10,776 | $(1,555) | NM |

Cash flows provided by operating activities for the six months ended June 30, 2023 of $5.6 million were slightly lower than cash flows provided by operating activities for the six months ended June 30, 2022 of $5.9 million. Although net income is $20.1 million higher for the six months ended June 30, 2023, cash from operations was slightly down compared to the prior year. The six months ended June 30, 2023 includes a non-cash tax benefit of approximately $11.6 million associated with the Company’s Redomestication Transaction and secondly non-cash stock-based compensation expense was also $5.1 million higher during this same period. Additionally, there was an increase of approximately $14.6 million of cash used in operational working capital, primarily inventory. The Company continues to carry higher levels of inventory to mitigate longer lead times required to source raw materials used in the manufacturing of the products we sell. Supply chains associated with many raw materials used in manufacturing our products were disrupted during the COVID-19 global pandemic, and lead times continue to be much longer than average lead times prior to the pandemic.

Cash flows used in investing activities for the six months ended June 30, 2023 of $0.8 million were driven primarily by funding capital expenditures of $4.4 million offset by net proceeds received on company owned life insurance policies of $3.4 million. Cash flows used in investing activities for the six months ended June 30, 2022 of $2.4 million were driven primarily by funding capital expenditures of $5.5 million offset by net proceeds received on company owned life insurance policies and proceeds from insurance settlements of $2.1 million and $0.6 million, respectively.

Cash flows provided by financing activities for the six months ended June 30, 2023 of $6.0 million were driven primarily by a $10.0 million net increase in long-term debt related to the issuance of $50.0 million of new senior notes offset by repayment of the outstanding balance on our Credit Facility. This increase in cash flows was offset by payments of quarterly dividends of $0.9 million and Redomestication Transaction costs of $2.6 million. Cash flows used in financing activities for the six months ended June 30, 2022 of $5.1 million were driven primarily by net repayment on our Credit Facility of $2.0 million, quarterly dividend payments of $0.9 million and repurchase of common stock of $2.2 million.

During the six months ended June 30, 2023, we repurchased 9,070 shares of our common stock to satisfy personal tax liabilities of participants in our stock-based compensation plan for an aggregate purchase price of $0.2 million.

We utilize the non-GAAP financial measure of free cash flow to evaluate our 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 our needs to fund our 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 profit, net income (loss) or cash flows from operating, investing or financing activities, each as determined in accordance with GAAP. Free cash flow does not represent residual cash available for distribution because we 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. The following table reconciles this non-GAAP financial measure to the most directly comparable measure calculated and presented in accordance with GAAP (in thousands):

| Free cash flow calculation: | Six Months Ended June 30, 2023 | 2022 | 2023/2022 % Change |
| --- | ---: | ---: | ---: |
| Net cash provided by (used in) operating activities | $5,572 | $5,895 | (5)% |
| Less: Cash paid for capital expenditures | (4,382) | (5,493) | (20)% |
| Free cash flow | $1,190 | $402 | 196% |

Free cash flow increased for the six months ended June 30, 2023, compared to the same period in 2022 primarily as a result of lower capital expenditures in 2023. Changes in cash provided by operating activities for the six months ended June 30, 2023 and 2022 are discussed above.

### Senior Notes, Credit Facility and Available Future Liquidity

We, along with our wholly owned subsidiary Core Laboratories (U.S.) Interests Holdings, Inc. (“CLIH”) as issuer, have five series of senior notes outstanding with an aggregate principal amount of $185 million that were issued through the following private placement transactions: 1) the 2011 Senior Notes issued in 2011 consist of $75 million in aggregate principal amount and bears interest at a fixed rate of 4.11% and are due in full on September 30, 2023; 2) Series A and Series B of the 2021 Senior Notes were issued and funded in 2021. Series A of the 2021 Senior Notes consists of $45 million in aggregate principal amount that bears interest at a fixed rate of 4.09% and is due in full on January 12, 2026. Series B of the 2021 Senior Notes consists of $15 million in aggregate principal amount that bears interest at a fixed rate of 4.38% and is due in full on January 12, 2028; and 3) Series A and Series B of the 2023 Senior Notes were issued and funded in June 2023. Series A of the 2023 Senior Notes consists of $25 million in aggregate principal amount that bears interest at a fixed rate of 7.25% and is due in full on June 28, 2028. Series B of the 2023 Senior Notes consists of $25 million in aggregate principal amount that bears interest at a fixed rate of 7.50% and is due in full on June 28, 2030. The 2011 Senior Notes, 2021 Senior Notes and the 2023 Senior Notes are collectively the “Senior Notes”.

Additionally, we, along with our wholly owned subsidiary CLIH, have a secured credit facility, the Eighth Amended and Restated Credit Agreement (as amended, the “Credit Facility”) for an aggregate borrowing commitment of $135 million with a

$50 million “accordion” feature. Proceeds from the 2023 Senior Notes were used to repay all amounts outstanding under the Credit Facility at June 30, 2023. In accordance with the terms of the Credit Facility, our leverage ratio is 1.85, and our interest coverage ratio is 6.66, each for the period ended June 30, 2023. We believe that we are in compliance with all covenants contained in our Credit Facility and Senior Notes. Certain of our material, wholly owned subsidiaries are guarantors or co-borrowers under the Credit Facility and Senior Notes. See Note 7 - *Long-Term Debt, net* of the Notes to the Interim Consolidated Financial Statements for additional information regarding the terms and financial covenants of the Senior Notes and the Credit Facility.

See Note 11 - *Derivative Instruments and Hedging Activities* of the Notes to the Interim Consolidated Financial Statements, for additional information regarding interest rate swap agreements we have entered to fix the underlying risk-free rate on our Credit Facility and the 2023 Senior Notes.

## Market risk

As filed, 246 characters.

There have been no material changes in market risk from the information provided in Item 7A. “Quantitative and Qualitative Disclosures About Market Risk” of Core Laboratories N.V.'s Annual Report on Form 10-K for the year ended December 31, 2022.

## Controls and procedures

As filed, 2,235 characters.

A complete discussion of our controls and procedures is included in Core Laboratories N.V.'s Annual Report on Form 10-K for the year ended December 31, 2022.

### Disclosure Controls and Procedures

Our management, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this report. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in our reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2023, at the reasonable assurance level.

Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. Further, the design of disclosure controls and internal control over financial reporting must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

### Changes in Internal Control Over Financial Reporting

There have been no changes in our system of internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during the fiscal quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

## Risk factors

As filed, 613 characters.

Our business faces many risks. Any of the risks discussed in this Quarterly Report or our other SEC filings could have a material impact on our business, financial position or results of operations.

Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also impair our business operations. For a detailed discussion of the risk factors that should be understood by any investor contemplating investment in our securities, please refer to “Item 1A - Risk Factors” in Core Laboratories N.V.’s Annual Report on Form 10-K for the year ended December 31, 2022.

Filed Jul 27, 2023.
Source: SEC EDGAR, the filing index for accession 0000950170-23-035213. Last ingested by Listed: Oct 24, 2026, 15:16 ET. No prices; not investment advice.