CLB Q2 2013: Deepwater Drives Most Profitable Quarter Ever; All-Time Quarterly Highs For Revenue, Net Income, And EPS; Core

CLB Q2 2013: Deepwater Drives Most Profitable Quarter Ever; All-Time Quarterly
    Highs For Revenue, Net Income, And EPS; Core Raising 2013 EPS Guidance
                              Midpoint By $0.09

PR Newswire

AMSTERDAM, July 17, 2013

AMSTERDAM, July 17,2013 /PRNewswire/ --For the second quarter of 2013, Core
Laboratories N.V. (NYSE: "CLB US" and NYSE Euronext: "CLB NA") posted the most
profitable quarter in Company history, with record results driven by worldwide
deepwater hydrocarbon developments. This marked the third consecutive quarter
in which Core has posted all-time quarterly records for revenue, net income,
and earnings per diluted share ("EPS"). The Company reported a 10% increase
over second quarter 2012 net income, excluding foreign currency translations
in 2013 ("ex-fx") and year-ago non-recurring items ("ex-items"), to
$60,904,000, and EPS was $1.32, up 14% over the year-earlier period. Second
quarter 2013 revenue increased 7%, year-over-year, to a record $263,139,000,
while operating income, ex-fx and ex-items, increased 10% to $83,500,000.
Year-over-year quarterly operating margins, ex-fx and ex-items, increased 100
basis points to 32%, the highest quarterly operating income margin ever
reported by Core, while quarterly incremental margins were 46% over the same


Second quarter 2013 free cash flow ("FCF"), defined as cash from operations
less capital expenditures, reached $58,751,000, an all-time high for any
second quarter in Company history. For the first half of 2013, Core has
converted 23 cents of each revenue dollar into FCF. During the quarter, Core
returned over $67,359,000 to its shareholders via dividends of approximately
$14,688,000 and share repurchases totaling approximately $52,671,000. The
Company repurchased 377,969 shares during the second quarter of 2013, lowering
the Company's outstanding diluted share count to 45,971,000, a 15-plus year
low. The Company's share repurchase program, now more than a decade in
duration, has reduced Core's diluted share count by over 37,000,000 shares.
The Company's Shareholder Capital Return Program has returned almost $1.5
billion via diluted share count reductions and special and quarterly dividends
over the 10-plus year period.

The Company's improved year-over-year and sequential quarterly and first half
results reflect Core's continued focus on international crude-oil developments
-- especially those in deepwater, unconventional tight oil plays in North
America and evaluation of several high potential international unconventional
crude oil and natural gas opportunities.

Comparing the first six months of 2013 with the first half of 2012, Core's
revenue increased 9% to $524,066,000; ex-fx and ex-items, net income increased
11% to $117.4 million, and EPS increased 15% to $2.54. Operating margins,
ex-fx, averaged 31% for the first six months of 2013, up 80 basis points over
the year-earlier period, ex-items. FCF for the first six months of 2013
reached a record $118,566,000.

As reported in previous quarters, the Board of Supervisory Directors ("Board")
of Core Laboratories N.V. has established an internal performance metric of
achieving a return on invested capital ("ROIC") in the top decile of the
service companies listed as Core's peers by Bloomberg Financial ("Comp
Group"). Based on Bloomberg's calculations for the latest comparable data
available, Core's ROIC was the highest in its oilfield services Comp Group.
Moreover, the Company had the highest ROIC to Weighted Average Cost of Capital
("WACC") ratio in its Comp Group.

Segment Highlights

Core Laboratories reports results under three operating segments: Reservoir
Description, Production Enhancement, and Reservoir Management. All operating
results exclude foreign currency translations and one-time items from the
year-ago quarter.

Reservoir Description

Reservoir Description operations, which focus primarily on worldwide crude-oil
developments, reported an all-time quarterly high revenue of $129,222,000 for
the second quarter of 2013, up 2% from year-ago levels. Operating income was
$37,649,000, the second highest quarterly total ever reported, down slightly
from the all-time quarterly high established in last year's (more than) robust
second quarter. Operating income levels and margins were affected by a number
of second quarter transitory issues including the second most difficult
seasonal breakup in Canada over the last ten years coupled with rain-related
issues in the Bakken area. In addition, drilling related issues in evaluating
unconventional shale reservoirs in Australia pushed out additional revenue
originally expected in the second quarter to later periods. The Company
believes without these transitory issues that Reservoir Description would have
posted its most profitable quarter in Company history in the second quarter of
2013. Normalized international rig counts grew at only 4% year-over-year, a
rate that Core believes should trend higher during the second half of 2013.

Core continued to conduct a high volume of reservoir fluid phase behavior
studies, with projects concentrated on crude oils, natural gases, and
interstitial waters from predominantly deepwater fields in the "Golden
Triangle", areas bounded by the deepwater Gulf of Mexico ("GOM"), eastern
Brazil, and West Africa. The analyses of these reservoir fluids are conducted
in the laboratory at reservoir temperatures and pressures that can exceed 250
degrees Fahrenheit and 20,000 pounds per square inch, respectively. Core,
using proprietary techniques, has the ability to change hydrocarbon phases
from a liquid state to a gaseous state and back again, simulating reservoir
changes that will occur over the life of the production of the deepwater
field. Knowledge of fluid phase behavior is used by oil companies to plan
production programs to maximize daily production rates and ultimate crude oil
recovery rates. These fluid phase behavior changes occur by either increasing
or decreasing reservoir pressure, volume or temperature ("PVT") according to
specific production programs that are being evaluated for the field.

Core has the ability to fractionate, distill, and characterize each
hydrocarbon phase to better understand the value stream that will be created
over decades of future production. These data sets are mission-critical for
economic justification of the billions of dollars of investment required to
develop deepwater fields, especially those that may be undersaturated in
natural gases and trending towards lower-than-average ultimate recovery rates.

In cooperation with the major Lower Tertiary operating companies in the
ultra-deepwater Gulf of Mexico, Core has been developing reservoir-fluid-based
phase behavior technology related to High Pressure ("HP") miscible gas
displacements designed to increase initial recovery rates and improve
secondary and tertiary recovery projects. Laboratory-scale,
reservoir-condition HP dynamic flow tests using various combinations of lean
hydrocarbon gases, nitrogen, carbon dioxide, and natural gas liquids have
yielded encouraging results. Long-term HP injections of various miscible and
inert gases and liquids into undersaturated reservoirs are typically required
to significantly increase total hydrocarbon recovery. Core, an industry
leader in HP enhanced oil recovery ("EOR") testing, believes that the
evolution of its proprietary HP EOR technology could boost recovery levels of
the original oil in place to 20% or higher in Lower Tertiary fields in the
GOM. Several current industry estimates of recovery rates from Lower Tertiary
reservoirs range from only 8% to 13%.

Similar HP EOR technology could be applied to increase hydrocarbon recovery
rates for undersaturated reservoirs in pre-salt sequences in the deepwater
offshore Brazil. Current recovery rates for several Santos Basin fields are
projected to be slightly below the worldwide average of 40%.

In the Middle East, Core is conducting an ever increasing amount of EOR
projects, including major projects in Kuwait, Saudi Arabia, the United Arab
Emirates, Iraq and Kurdistan. To meet this increased demand the Company is
commissioning several mobile PVT units to be added to the Company's existing
fleet of units. The new units are expected to be deployed over the next
several quarters.

Production Enhancement

Core's Production Enhancement operation, which focuses on deepwater
developments and North American unconventional plays, posted its best quarter
in Company history, with revenues increasing 11% over the year-earlier quarter
to $110,199,000 and operating income increasing 26% to $37,962,000. Operating
margins expanded to 34%, driven by deepwater projects in the Gulf of Mexico
and West Africa and continued market penetration by the Company's fracture
diagnostic technologies and HTD-Blast^TM perforating systems.

In the deepwater Gulf of Mexico, Core continues to apply its patented and
proprietary SpectraMark^TM, SpectraStim^TM, SpectraChem^® (including
SpectraChem^®Plus and SpectraChem^®Express) tracer technologies, along with
its SpectraScan^® and PackScan^® diagnostic logging technologies, to optimize
completions and stimulation programs. Offshore West Africa, Core is using
SpectraChem tracers to monitor an early-stage water-injection program designed
to boost field production to record levels in what should become a
life-of-field project.

The Company introduced its proprietary FlowProfiler^TM oil-based tracer
technology during the second quarter. FlowProfiler provides data sets that
enable oil companies to determine which specific stage, or group of stages,
from which crude oil flowed into the wellbore. Current data sets suggest that
less than 80 percent of all stages actually flow crude oil. FlowProfiler data
can be used to determine which specific stages need to be re-stimulated to
maximize daily oil production and ultimate hydrocarbon recovery from the

Core's HTD-Blast and HTD-Blast XL^TM perforating systems continue to penetrate
the market for unconventional tight-oil developments. Many clients are adding
more closely spaced stages and are pumping maximum quantities of proppant into
fracture stimulations to more effectively drain shale reservoirs. These
techniques are increasing the market for the Company's fracture diagnostic
technologies, and especially the HTD-Blast and HTD-Blast XL perforating

The Company continues to develop several additional technologies to increase
the effectiveness of perforating operations in unconventional reservoirs.
Core is combining HTD-Blast with its new horizontal orienting technologies to
ensure that perforating charges are fired into the reservoir in the direction
of maximum stress. Penetrating the reservoir along the direction of maximum
stress promotes greater flow and recovery rates of hydrocarbons. Core has
also developed Kodiak^TM propellant technology that combines the Company's
High Efficiency Reservoir Optimization ("HERO") technology, now API certified
as the industry's deepest penetrating perforating charge, with potassium
perchlorate accelerator pellets to boost the effectiveness of the
perforating/stimulating event. The detonation of the perforating charge
initiates a complex, sequentially oxidizing reaction of the potassium
perchlorate (solid rocket fuel) pellet generating a high pressure pulse of
gases. This pulse initiates and propagates fractures into the unconventional
reservoir sequence, allows for cleaner perforation tunnels, improvement of
stimulant/proppant injection and subsequent hydrocarbon production. The
Company believes that combining HTD-Blast, horizontal orienting and Kodiak
technologies creates a Fracorating System^TM with the potential to
substantially increase reservoir performance in unconventional tight oil

Reservoir Management

Reservoir Management operations recorded second quarter revenue of $23,718,000
and operating income of $7,618,000, increases of 13% and 7%, respectively,
over year-earlier second quarter results. Operating margins were 32%.

Core continued to work on, or has completed, 14 major deepwater joint-industry
projects in the Golden Triangle, with ExxonMobil, Shell, BP, Chevron, Total,
ConocoPhillips, and Petrobras among the over 100 participating companies.
These projects include the GOM Lower Tertiary Provenance Study, used to
project reservoir quality and thickness and first discussed in Core's third
quarter 2004 earnings release, and the most recent North Orange, Walvis, and
Namibe Basins Study offshore Namibia and South Africa, where the first
deepwater wells are now being spudded. Reservoir Management completed its
Pre-Salt West Africa Carbonate Reservoir Study. This reservoir-rock-based
study will enable operating companies to better understand these complex
carbonate reservoirs and the geological controls on reservoir quality and

Also in deepwater, Core has been requested to extend its offshore Côte d'
Ivoire Reservoir Study into deepwater regions. Several wells, and a recent
discovery, have been drilled into deepwater sediments and the study extension
will correlate shallow and deepwater sequences. The updated study will allow
oil company participants to better evaluate the areal extent of Upper
Cretaceous fan systems and future deepwater prospects.

Technical experts from Reservoir Management have also proposed the largest
geological study of its kind on the late Jurassic-aged Bazhenov shale located
in Western Siberia. The study would evaluate the tight oil potential of this
massive unconventional trend. Currently, several Russian-based companies are
reviewing the proposal.

Free Cash Flow, Share Repurchases, Dividends, Capital Returned To Shareholders

During the second quarter of 2013, Core Laboratories generated $68,243,000 of
cash from operating activities and had capital expenditures of $9,492,000,
yielding $58,751,000 in FCF. Therefore, in the first half of 2013, Core has
converted 23 cents of every revenue dollar into free cash flow, the highest
conversion rate of all major oilfield service companies. Moreover, Core's
revenue to FCF conversion rate of 23% is significantly greater than the most
recent pre-tax operating income margins for the largest oilfield service

The FCF in the second quarter, along with borrowings from the Company's
revolving credit facility, was used to pay $14,688,000 in cash dividends and
to repurchase 377,969 shares at an average price of approximately $139.00 per
share. Core's outstanding diluted share count of 45,971,000 stands at a
15-plus year low. Core has reduced its diluted share count by over 37,000,000
shares and has returned nearly $1.5 billion to its shareholders via diluted
share count reductions, special dividends, and quarterly dividends since
implementing its Shareholder Capital Return Program over 10 years ago.

On 15 April 2013, the Company's Board announced a quarterly cash dividend of
$0.32 per share of common stock that was paid on 22 May 2013. This amount
represented a 14.2% increase over the quarterly dividend of $0.28 per share
that was paid in 2012 and, if paid each quarter of 2013, will equal a payout
of $1.28 per share of common stock. Dutch withholding tax was deducted from
the dividend at the rate of 15%.

On 9 July 2013, the Board announced a quarterly cash dividend of $0.32 per
share of common stock payable in the third quarter of 2013. The quarterly
$0.32 per share cash dividend will be payable on 19 August 2013 to
shareholders of record on 19 July 2013. Dutch withholding tax will be
deducted from the dividend at a rate of 15%.

Return On Invested Capital

As reported in previous quarters, the Company's Board has established an
internal performance metric of achieving an ROIC in the top decile of the
oilfield service companies listed as Core's peers by Bloomberg Financial. The
Company and its Board believe that ROIC is a leading performance metric used
by shareholders to determine the relative investment value of publicly traded
companies. Further, the Company and its Board believe shareholders will
benefit if Core consistently performs in the highest ROIC decile among its
Bloomberg peers. According to the latest financial information from
Bloomberg, Core Laboratories' ROIC was the highest of any of the oilfield
service companies listed in its Comp Group. Several of the peer companies
failed to post ROIC that exceeded their WACC, thereby eroding capital and
shareholder value. Core's ratio of ROIC to WACC is the highest of any company
in the Comp Group.

Comp Group companies listed by Bloomberg include Halliburton, Schlumberger,
Carbo Ceramics, FMC Technologies, Baker Hughes, Cameron International,
Oceaneering, National Oilwell Varco, and Oil States International, among
others. Core will update the ROIC for the oilfield services sector for the
second quarter 2013 in its third quarter 2013 earnings release.

Third Quarter 2013 and Full Year 2013 Earnings Guidance

After reporting the most profitable quarter in its history, the Company's
outlook for the balance of 2013 remains positive. With continued support from
robust Brent crude pricing and the expected delivery of additional deepwater
drilling rigs, Core believes that it will continue to increase revenue in more
established fields, as well as in new field development projects. In
addition, consistent with its operating history over the past decade, the
Company plans to enter new fields where it currently does not have operations
and offer new technologies and additional services in 2013. These new
technologies and services will be focused on increasing daily production and
ultimate hydrocarbon recovery rates from deepwater fields and liquids-related
unconventional reservoir developments worldwide. Specific technological
developments currently underway are designed to increase hydrocarbon recovery
rates in undersaturated reservoirs similar to Lower Tertiary reservoirs in the
deepwater GOM and several pre-salt fields in the Santos Basin offshore
Brazil. Therefore, Core believes that its business model, with a stated goal
to achieve revenue growth of 200 to 400 basis points above the increase in
worldwide industry activity directed towards producing fields, remains intact,
with incremental margins positively impacting operating margins.

Core expects 2013 FCF to be higher than previously guided and is now expected
to exceed $250,000,000, with the Company's client-directed capital
expenditures to equal, or be slightly greater than, that of 2012. The Company
increased its quarterly dividend in the first quarter of 2013, while further
increasing its Shareholder Capital Return Program. Core is currently trading
at a multiple of approximately 26 to 28 times FCF while most of the world's
largest oilfield service companies trade, on average, in excess of 40 times
their FCF.

For the remainder of 2013, Core continues to anticipate North American
activity levels to stabilize at second quarter levels and international
activity levels to increase approximately 7%, yielding a worldwide activity
increase of approximately 5%. The Company expects its revenue to grow at a
rate faster than its anticipated change in worldwide industry activity by
approximately 200 to 400 basis points. However, if worldwide activity levels
exceed Core's anticipated level of industry activity, the Company's revenue
growth could be higher.

Therefore, for the third quarter of 2013, Core expects revenue of
approximately $263,000,000 to $268,000,000 and EPS in the $1.33 to $1.34
range. For the fourth quarter of 2013, Core expects revenue to range from
$268,000,000 to $270,000,000 and EPS of $1.37 to $1.38.

This operations guidance excludes any foreign currency gains or losses, and a
25% effective tax rate is assumed for the year. This would increase the
midpoint of full-year EPS guidance by $0.09 to $5.25, an increase of 16% over
2012 full-year results.

The Company has scheduled a conference call to discuss Core's second quarter
2013 earnings announcement. The call will begin at 7:30 a.m. CDT / 2:30 p.m.
CET on Thursday, 18 July 2013. To listen to the call, please go to Core's
website at

Core Laboratories N.V. ( is a leading provider of proprietary
and patented reservoir description, production enhancement, and reservoir
management services 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 includes forward-looking statements regarding the future revenue,
profitability, business strategies and developments of the Company 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 conditions, international markets, international political climates
and other factors as more fully described in the Company's 2012 Form 10-K
filed on 19 February 2013, and in other securities filings. 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 any forward looking
statement to reflect events or circumstances that may arise after the date of
this press release.

(amounts in thousands, except per share data)
                        Three Months Ended          Six Months Ended
                        30 June 2013  30 June 2012  30 June 2013  30 June 2012
REVENUE                 $  263,139    $  247,006    $  524,066    $  481,197
     Costs of services  163,503       156,380       327,148       305,520
     and sales
     General and
     administrative     11,173        10,205        23,982        20,379
     Depreciation and   5,964         5,077         11,989        10,960
     Other (income)     630           3,218         41            (1,694)
     expense, net
OPERATING INCOME        81,869        72,126        160,906       146,032
Interest expense        2,263         2,178         4,532         4,368
INCOME BEFORE INCOME    79,606        69,948        156,374       141,664
INCOME TAX EXPENSE      19,664        16,997        39,700        34,783
NET INCOME              59,942        52,951        116,674       106,881
                        266           35            482           14
TO CORE                 $  59,676     $  52,916     $  116,192    $  106,867

Diluted Earnings Per    $  1.29       $  1.11       $  2.51       $  2.23
DILUTED COMMON SHARES   46,128        47,791        46,313        47,868
Reservoir Description   $  129,222    $  126,462    $  254,467    $  242,568
Production Enhancement  110,199       99,547        217,630       196,280
Reservoir Management    23,718        20,997        51,969        42,349
     Total              $  263,139    $  247,006    $  524,066    $  481,197
Operating income
Reservoir Description   $  36,918     $  38,076     $  71,769     $  70,491
Production Enhancement  37,239        29,564        71,477        63,095
Reservoir Management    7,475         7,113         17,321        15,028
Corporate and other     237           (2,627)       339           (2,582)
     Total              $  81,869     $  72,126     $  160,906    $  146,032

(amounts in thousands)
ASSETS:                                         30 June 2013  31 December 2012
Cash and Cash Equivalents                       $  23,220     $   19,226
Accounts Receivable, net                        190,867       184,774
Inventory                                       54,831        49,265
Other Current Assets                            39,766        43,642
        Total Current Assets                    308,684       296,907
Property, Plant and Equipment, net              130,829       125,418
Intangibles, Goodwill and Other Long Term       215,603       214,191
Assets, net
        Total Assets                            $  655,116    $   636,516
Accounts Payable                                55,928        55,168
Other Current Liabilities                       85,028        85,342
        Total Current Liabilities               140,956       140,510
Long-Term Debt & Lease Obligations              250,013       234,033
Other Long-Term Liabilities                     76,669        74,060
Total Equity                                    187,478       187,913
        Total Liabilities and Equity            $  655,116    $   636,516

(amounts in thousands)
                                               Six Months Ended
                                               30 June 2013
CASH AND CASH EQUIVALENTS, beginning of period 19,226
CASH AND CASH EQUIVALENTS, end of period       $   23,220

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, we used certain non-GAAP measures that
exclude these Items; and we feel that this presentation provides the public a
clearer comparison with the numbers reported in prior periods.

Reconciliation of Operating Income
(amounts in thousands)
                                       Three Months Ended  Three Months Ended
                                       30 June 2013        30 June 2012
Operating income                       $    81,869         $    72,126
Foreign exchange losses                1,631               1,355
NYSE Euronext listing-related costs    —                   683
Legal entity realignment               —                   1,860
Operating income excluding specific    $    83,500         $    76,024
                                       Six Months Ended    Six Months Ended
                                       30 June 2013        30 June 2012
Operating income                       $    160,906        $    146,032
Foreign exchange losses                1,631               329
NYSE Euronext listing-related costs    —                   683
Legal entity realignment               —                   1,860
Gain from insurance settlement         —                   (3,366)
Operating income excluding specific    $    162,537        $    145,538

                                         Three Months Ended 30 June 2013
                                         Reservoir    Production   Reservoir
                                         Description  Enhancement  Management
Operating income                         $  36,918    $  37,239    $  7,475
Foreign exchange losses                  731          723          143
Operating income excluding specific      $  37,649    $  37,962    $  7,618

Reconciliation of Net Income
(amounts in thousands)
                                       Three Months Ended  Three Months Ended
                                       30 June 2013        30 June 2012
Net income                             $    59,676         $    52,916
Foreign exchange losses (net of tax)   1,228               1,026
NYSE Euronext listing-related costs    —                   517
(net of tax)
Legal entity realignment (net of tax)  —                   1,408
Impact of lower effective tax rate     —                   (517)
Net income excluding specific items    $    60,904         $    55,350
                                       Six Months Ended    Six Months Ended
                                       30 June 2013        30 June 2012
Net income                             $    116,192        $    106,867
Foreign exchange losses (net of tax)   1,228               254
NYSE Euronext listing-related costs    —                   517
(net of tax)
Legal entity realignment (net of tax)  —                   1,408
Gain from insurance settlement (net of —                   (2,531)
Impact of lower effective tax rate     —                   (517)
Net income excluding specific items    $    117,420        $    105,998
Reconciliation of Earnings Per Diluted Share
                                       Three Months Ended  Three Months Ended
                                       30 June 2013        30 June 2012
Earnings per diluted share             $    1.29           $    1.11
Foreign exchange losses (net of tax)   0.03                0.02
NYSE Euronext listing-related costs    —                   0.01
(net of tax)
Legal entity realignment (net of tax)  —                   0.03
Impact of lower effective tax rate     —                   (0.01)
Earnings per diluted share excluding   $    1.32           $    1.16
specific items
                                       Six Months Ended    Six Months Ended
                                       30 June 2013        30 June 2012
Earnings per diluted share             $    2.51           $    2.23
Foreign exchange losses (net of tax)   0.03                —
NYSE Euronext listing-related costs    —                   0.01
(net of tax)
Legal entity realignment (net of tax)  —                   0.03
Gain from insurance settlement (net of —                   (0.05)
Impact of lower effective tax rate     —                   (0.01)
Earnings per diluted share excluding   $    2.54           $    2.21
specific items

Free Cash Flow

Core uses the non-GAAP measure of free cash flow to evaluate its cash flows
and results of operations. Free cash flow is an important measurement because
it represents the cash from operations, in excess of capital expenditures,
available to operate the business and fund non-discretionary obligations. Free
cash flow is not a measure of operating performance under GAAP, and should not
be considered in isolation nor construed as an alternative consideration to
operating income, net income, earnings per share, or cash flows from
operating, investing, or financing activities, each as determined in
accordance with GAAP. You should also not consider free cash flow as a measure
of liquidity. 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
(amounts in thousands)
                                          Three Months Ended  Six Months Ended
                                          30 June 2013        30 June 2013
Net cash provided by operating            $    68,243         $   136,501
Capital expenditures                      (9,492)             (17,935)
Free cash flow                            $    58,751         $   118,566

SOURCE Core Laboratories N.V.

Contact: Richard L. Bergmark, + 1 713 328 2101,
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