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CORE實驗室發佈2024年第三季度的報告：

休斯敦（2024年10月23日）- Core Laboratories Inc.（紐交所："CLB"）（"Core"，"Core Lab"或"公司"）報告2024年第三季度營業收入爲1.344 億美元。 Core的營業收入爲1.9800 萬美元，稀釋每股收益（"EPS"）爲0.25美元，所有這些均符合美國通用會計準則（"GAAP"）。 營業收入，排除項目，一項非GAAP財務指標，爲1820 萬美元，營業利潤率爲14%，按季度同比增加100個點子，稀釋每股收益，排除項目，爲0.25美元。 2024年第三季度，該公司就股票薪酬支出進行了140萬美元的調整，這是針對某些不再預期實現的業績分享獎勵。 非GAAP財務指標的全面調解包含在附表中。

Core的首席執行官Larry Bruno表示：「2024年第三季度，Core Lab在營業收入、營業利潤、營業利潤率、增量利潤率和每股收益方面均取得了穩健的順序改善。儘管受到持續的地緣政治衝突的阻力，我們的油藏描述服務需求在國際實驗室網絡中持續增長。在生產增強方面，營業收入出現順序增長，主要受到國際產品銷售增加的推動。然而，這些改善在墨西哥灣暫停井口作業引發的颶風延誤導致診斷服務收入略有下降。在2024年第二季度積極與中東運營商進行會議後，第三季度與亞太地區運營商進行的面對面會議加強了Core兩個運營部門的增長機會。總的來說，這些客戶會議支持我們對拓展項目活動的多年週期樂觀看法。在第三季度末，公司實現了將債務槓桿率降至1.50以下的長期目標。債務槓桿率現在是六年來的最低水平。Core繼續專注於執行其戰略業務計劃，同時降低債務槓桿率，公司評估各種機會以增加股東價值。」

水庫描述

儲集描述業務與國際和海外活動水平的趨勢密切相關，約80%的營業收入來自美國境外項目。2024年第三季度營業收入爲$88,800,000，按季度環比增長3%，同比增長超過4%。根據美國通用會計準則，營業利潤爲$16,500,000，而除非因素外的營業利潤爲$15,400,000，運營利潤率超過17%，按季度基礎增長了370個點子。第三季度該業務部門的財務表現反映出公司全球業務對儲集岩石和流體分析需求的增長。儘管持續的地緣政治衝突以及墨西哥灣工作受天氣事件干擾，該增長仍然發生。

Core Lab繼續擴大在碳捕集和封存（「CCS」）項目中的參與，利用其在油藏表徵方面的專業知識。除了Core正在與休斯頓大學的Dr. Birol Dindoruk一起進行的多公司聯合行業項目外，在2024年第三季度，公司還獲得了多份合同，用於評估墨西哥灣地區和美國其他地區的CCS場地。Core Lab正在利用其專有的實驗室油藏表徵技術，進行詳細的岩石物理學、地質學和地球化學分析，以及流體流動實驗、地層損傷評估和地質力學測試。Core Lab的技術對於評估潛在CO長期可行性至關重要。2 注入場地。

此外，在2024年第三季度，中東地區項目的參與持續擴大。科威特石油公司（「KOC」）選擇core laboratories來領導一項全面的流體分析活動，作爲阿拉伯海的海上勘探計劃的一部分。該項目區域被認爲具有高潛力，有助於實現KOC的長期生產增長目標。高質量的壓力-體積-溫度（「PVT」）分析和愛文思控股的先進分析化學對於評估儲層成熟度、容積潛力和生產特徵至關重要。Core Lab提供的硬數據點構成了開發商用來做出重大投資決策的儲層模型的基礎。

生產增強

生產增強運營主要專注於美國非常規油氣藏中的複雜完井，以及遍佈全球的傳統和非傳統項目，在2024年第三季度實現了4560萬美元的營業收入，環比增長3％，同比增長13％以上。 根據美國通用會計準則（GAAP），營業收入爲320萬美元，而除去特殊項目後的營業收入爲260萬美元，營業利潤率爲6％。 串行財務表現反映了國際產品銷售的改善； 但是，這一勢頭被以下因素抵銷：1）墨西哥灣多次颶風延遲了與診斷服務相關的收入； 2）在較小程度上，美國陸地完井活動下降。

在2024年第三季度，Core Lab的完井診斷技術被用於深入了解複雜的非常規完井工藝。在過去幾年中，加拿大艾伯塔省的運營商一直在鑽井和完成開孔多級水平井以優化油藏排採效果。這種井筒結構使得確認混產分層油氣具有一定難度。最近，一家運營商使用了Core的診斷技術來判斷是否來自單個分層的油氣產量。爲了實現這一目標，Core部署了其專有的固相流動剖面儀技術。TM科技，它將一種獨特的油活性示蹤劑置於每個分支裂縫中。在初始生產階段，從地面收集流體樣品，並在實驗室中進行分析。測試結果確認了每個分支裂縫中的油氣生產情況。隨後，

運營商要求核心實驗室確認每個側向井的油產量，並識別產水的來源。水示蹤劑的實驗室數據將爲運營商提供關閉產水過多的井的選項，從而降低處理成本。Core目前正在準備部署一系列新開發的固體水示蹤劑，並將其放置在每個側向井中。通過同時利用油和水示蹤劑，產出的流體樣本將幫助運營商更好地了解各個鑽孔是如何對混合產量做出貢獻的。

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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