Core Laboratories is The Reservoir Optimization Company™
Core Laboratories is a leading provider of proprietary and patented reservoir description and production enhancement services and products. These services and products enable the Company's clients to optimize reservoir performance and maximize hydrocarbon recovery from their producing fields. The Company has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world. Core Laboratories provides its services to the world's major, national and independent oil companies.
Revenue
Production Enhancement:
$132 Million
Core Lab 2020 Revenue
$487 Million
Reservoir Description:
$355 Million
Core Lab Investor Presentation
Financial Strategies
Core Continues to adhere to the three financial tenets that have led to industry-leading total shareholder returns over the long-term.
Maximize Free Cash Flow
Maximize Return on Invested Capital.
Return Excess Capital to Shareholders
Revenue to Cash Conversion Ratio of 14%
Core Lab is near the top of our peer group during 2020.
2.7 Billion Returned
to our Shareholders since 2002
Consolidated Company Results from Continuing Operations
As 2020 began, Core's management team had already announced a plan to redirect excess free cash flow towards reducing long-term debt.
As the pandemic associated with COVI D-19 unfolded, there was a rapid and significant negative impact on the global economy and the energy sector. The Company's top priority quickly became right-sizing the organization, reducing long-term debt and preserving liquidity.
Emerging Opportunities & Evolving Technologic Innovations
Despite the many challenges of 2020, Core Laboratories remains well-positioned, with the financial stability to invest in our global capabilities, and the experience and agility required to meet our clients' needs. Core's extensive, proprietary databases (Figure 3), coupled with artificial intelligence ("Al") and machine learning, help the Company's clients improve efficiencies and lower operating costs throughout the upstream value chain. These proprietary technologies are discussed further under the Digital Transformation section of this Annual Report.
Climate-Focused Solutions
Increasingly, Core Lab has been able to leverage legacy technologies and capabilities to serve the growing number of clients that are sharpening their focus on climate change mitigation projects. During 2020, Core Laboratories, under the direction of The Carbon Net Project, engaged in laboratory analysis of conventional core from the Gular-1 appraisal well in the offshore Gippsland Basin, off the southeast coast of Australia. Carbon Net is funded by the Victorian and Commonwealth governments of Australia for the purpose of advancing the science and viability of a regional carbon capture and storage network. Data generated by Core Lab is providing insight into the seal capacity and storage capacity of the strata, as well as the geomechanical and pore system properties of the intervals being targeted for CO2 storage.
Emerging Opportunities & Evolving Technologic Innovations
A growing list of international operating companies ("IOC's") have obtained licenses for pre-salt exploration and appraisal in Brazil, signaling that Brazil and the broader South Atlantic Margin will be the focus of both near and long-term capital deployment for the industry. To support this new phase of exploration and appraisal, Core Lab commissioned a new facility in Rio de Janeiro in 2020. This laboratory offers a full range of rock and reservoir fluid testing capabilities and digital technologies, and secures Core's position as the leading provider of reservoir characterization services in the region.
Sustainability at Our Core
Core Laboratories is committed to advancing the principles of integrity and ethical conduct through our Environmental, Social, and Governance initiatives. We believe in creating a culture where getting the right results the right way is paramount.
For 2020, we continued to set emission reduction targets with a base year of 2018 for our Scope 1, 2 and 3 emissions consistent with the context of strengthening global response to the threat of climate change. Core Lab is committed to reducing our carbon emissions impact by increased efficiencies, reduced consumption, property management and, where practical, acquired renewable energy.
Safety
Core Lab is committed and strives for a zero-accident environment, which makes safety first at all company and client locations. Core Lab employees operate in over 50 countries around the globe and in 2020 Core Lab employees worked 8.6 million-man hours. Core Lab recorded one of its best safety records ever with a Total Recordable Injury Rate of 0.28 and Lost Time Injury Rate of 0.05. Year-over-year, the Lost Time Incident Rate improved 38%, a major accomplishment by the Core Lab global team.
Year-over-year, Core Lab has performed favorably relative to our peers in the North American Industry Classification System (NAICS) Support Activities for Oil and Gas Operations, solidifying a decade of safety leadership.
Digital Transformation
The industry's need for quick, cost-effective access to accurate data continues to grow. Leveraging its vast, proprietary catalogs of rock and fluid data from around the globe, Core has developed a suite of artificial intelligence and machine learning tools that give clients the ability to do more with less. Many of these advanced technologies employ non-destructive, quick-turnaround analytical methods. This approach shortens key decision cycles and allows our clients to make expeditious, data-driven decisions regarding capital deployment.
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