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CLB Q4 2013: New Technology Drives Most Profitable Quarter; All-Time Quarterly Highs For EPS, Net Income, And Revenue; 2013 FCF

CLB Q4 2013: New Technology Drives Most Profitable Quarter; All-Time Quarterly
      Highs For EPS, Net Income, And Revenue; 2013 FCF Up 28% To Record
               $263,000,000; Company Increases Dividend By 56%

PR Newswire

AMSTERDAM, Jan. 29, 2014

AMSTERDAM, Jan. 29,2014 /PRNewswire/ --In the fourth quarter of 2013, Core
Laboratories N.V. (NYSE: "CLB US" and NYSE Euronext: "CLB NA") was added to
the Philadelphia Oil Service Sector Index, better known as the OSX, and posted
the most profitable quarter in Company history. The record results were
driven primarily by the introduction of new technology and related services,
especially by the Company's Production Enhancement operations. This marked
the fifth consecutive quarter in which Core has posted all-time quarterly
records for earnings per diluted share ("EPS"), net income, and revenue. The
Company's fourth quarter 2013 EPS increased 22% year-over-year to $1.43, the
largest percentage increase in six quarters, excluding items referenced in the
non-GAAP reconciliations. Fourth quarter 2013 net income increased 18% from
the year-earlier period to $64,936,000, ex-items, while operating income,
ex-items, increased 17% to $88,480,000. Revenue for the fourth quarter of
2013 increased 9% to $276,279,000 from the fourth quarter of 2012.
Year-over-year quarterly operating margins increased more than 220 basis
points to a fourth quarter record 32%, while quarterly year-over-year
incremental margins reached 58%, ex-items.

(Logo:http://photos.prnewswire.com/prnh/20100712/DA33898LOGO)

Fourth quarter 2013 free cash flow ("FCF"), defined as cash from operations
less capital expenditures, reached $79,061,000. During the quarter, Core
converted almost 29 cents of every revenue dollar into FCF, one of the highest
rates among all major oilfield service companies. Core returned over
$85,462,000 to its shareholders during the quarter via dividends of
approximately $14,517,000 and share repurchases totaling approximately
$70,945,000. The Company repurchased 376,912 shares in the quarter, lowering
Core's outstanding diluted share count to 45,351,000, a new 16-year low. The
Company's Shareholder Capital Return Program has returned over $1.66 billion
to its shareholders via diluted share count reductions and special and
quarterly dividends over the past 11-year period.

The Company's improved year-over-year and sequential quarterly results reflect
Core's long-held growth strategy of adding new high-margin technologies and
services. Rather than relying on increasingly volatile and downward trending
exploration efforts, the Company's multi-decade-long focus on existing fields
and fields under development has led to five consecutive all-time record
quarters and 16 consecutive quarters of year-over-year revenue and EPS
increases, during which time operating margins improved over 400 basis
points. Going into 2014, Core's focus will remain on deepwater developments,
especially in the "Golden Triangle" areas of the Gulf of Mexico, West Africa,
and Brazil; unconventional tight-oil plays primarily in North America, with
emerging plays in Russia, North Africa, and Australia; and enhanced oil
recovery projects in the North Sea, Middle East, and Asia Pacific. In South
America, Core exited Venezuela in 2013 and plans to minimize all in-country
operations in Argentina in 2014 because of governmental controls that preclude
companies such as Core from earning accretive returns.

Comparing full-year 2013 results with those of 2012, ex-items, Core's EPS
increased 18% to $5.32, while net income was up 14% to $244,857,000. Revenue
increased 9% to $1,073,508,000, and operating margins reached 31%, up 120
basis points, establishing annual historic highs for both revenue and
operating margins. Incremental operating margins for 2013 were 44%, which is
at the high end of earlier full-year 2013 guidance. FCF established another
annual record at $262,721,000, increasing 28% over full-year 2012 totals. In
2013, as has been true for eight of the last twelve years, Core's FCF exceeded
net income.

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 non-operational items from
the third and fourth quarters of 2013.

Reservoir Description

Reservoir Description operations, which focus primarily on worldwide crude-oil
developments, reported an all-time quarterly high revenue of $136,251,000 for
the fourth quarter of 2013, up 6% from year-ago levels even though the
international rig count was up just 4% from the year-earlier fourth quarter
period. Operating income was $38,245,000, yielding operating margins of 28%,
up 60 basis points over third quarter 2013 levels.

Reservoir Description's record revenue quarter was due to an increasing number
of reservoir-fluids-related projects around the globe. Clients are now more
focused on the phase behavior and pressure-volume-temperature ("PVT")
relationships of the three reservoir fluids -- natural gases, crude oil, and
water. Understanding these relationships is mission-critical for maximizing
daily production totals, and more importantly, for maximizing ultimate
hydrocarbon recovery rates.

For operations in the deepwater and ultra-deepwater Gulf of Mexico ("GOM"),
Core has developed proprietary cutting-edge processes and equipment that
allows some reservoir fluid parameters to be accurately measured at pressures
to 30,000 pounds per square inch ("PSI") and temperatures to 390º Fahrenheit.
Core continues to innovate, and additional ultra-high pressure and temperature
capabilities will be introduced throughout 2014.

These abovementioned capabilities are necessary for projects in the Lower
Tertiary trend in the ultra-deepwater GOM, where water depths can reach 10,000
feet and reservoirs can be at depths to 35,000 feet. Several Lower Tertiary
discoveries have been reported by operators to be significantly
under-saturated in natural gases, thereby posing immense technical challenges
to the industry. Core is providing data sets from 10 ultra-deepwater projects
to super major and major independent oil companies -- data sets that hold the
key to increased crude-oil recoveries that could be worth billions of dollars
to these operating companies.

Core is currently engaged in a large PVT study tied directly to a miscible-gas
enhanced oil recovery project in the pre-salt sequences in the Santos Basin
offshore deepwater Brazil. Operators have reported that many offshore
deepwater Brazilian pre-salt reservoirs contain crude oil that is
under-saturated with natural gas, leading to lower than optimal hydrocarbon
recovery rates. In this project, Core is determining what specific
miscible-gas combination could increase total hydrocarbon recovery rates. The
potential incremental production could yield over one billion dollars more in
FCF for the operator, which is a major independent oil company.

In the deepwater west of the Shetland Islands, Core is conducting a two-year
reservoir fluids characterization study to provide greater certainty of
overall reservoir hydrocarbon volumes and the specific distribution of
different fluid characteristics across the entire field. These comprehensive
data sets will be used to design field-wide production systems.

In Russia, Core has developed a thermal imaging ("T•VISION^TM") technology
that expedites the efficiency of loading crude oil into tank cars for
transport. First, the crude is fractionated and distilled to determine its
quality and value. T•VISION thermal imaging is then used to accurately
measure the quantity of crude loaded into each car. T•VISION technology can
also be used for Bakken, Eagle Ford, and Permian Basin tank car shipments
since rail transport is now used to move approximately one million barrels of
oil per day through North America.

The Company has developed a computer-based dashboard ("liveQ^TM") display
using HTML5 technology that, when coupled with T•VISION technology, can be
accessed by customers via laptop or mobile devices. The liveQ service allows
storage terminal operators to receive real-time crude-oil-characterization
data sets for valuation of product and blending mixtures. The real-time data
updates enable more efficient and profitable management of crude oil and
products, while optimizing delivery operations to pipelines, tankers, and rail
cars.

In the Middle East, Core is working in a giant oilfield that produces a lean
gas condensate containing high levels of hydrogen sulfide, a corrosive and
dangerous gas. This independent oil company came to Core for its expertise in
overcoming the difficulties of working with lean condensates that contain high
levels of sour gas. Samples are being collected extensively throughout the
field so that each sample can be characterized to determine its individual
level of hydrogen sulfide. The data will be used to model the reservoir and
design appropriate surface facilities to handle the high levels of dangerous
gas.

In Asia-Pacific, Core has worked numerous reservoir-fluids-related projects
from the Browse, Carnarvon, and Bonaparte basins located offshore northwest
Australia. Several of these projects involved characterization of lean gas
condensate hydrocarbon streams that will be converted to liquefied natural gas
("LNG") for export. The data sets will be used to optimize LNG facilities
that have an investment base of over $50 billion.

Core has been approached by numerous clients in Kurdistan, including a major
oil company, a major independent, and multiple independent companies, to
establish a full-scale core analysis and reservoir fluids laboratory in the
region. The anticipated client work programs have been reviewed, and the new
facility, to be located in Erbil, meets Core's ROIC threshold. Therefore,
investment is expected to be initiated in 2014. The facility will have
capabilities to analyze conventional reservoirs, as well as unconventional
tight-oil reservoirs, via routine and advanced rock properties testing. The
reservoir fluids lab will have full capabilities to characterize fluid phase
behaviors and pressure-volume-temperature relationships. Many of the region's
recent oil discoveries are reported to be under-saturated in natural gas, so
Core's clients will apply combinations of rock and fluids data sets, measured
at in-situ reservoir temperatures and pressures, to increase hydrocarbon
recovery rates and optimize ultimate recovery.

Production Enhancement

Production Enhancement operations, largely focused on North American deepwater
and unconventional tight-oil developments, but expanding internationally,
posted its most profitable quarter ever despite an essentially flat North
America rig count. The record results were underpinned by the continued
successful introduction of Core's new FLOWPROFILER^TM service and its new
systems for optimizing completions and stimulations of horizontal wells.

Production Enhancement fourth quarter 2013 revenue increased 8% year-over-year
to $115,274,000, while operating income surged 25% to $41,514,000.
Year-over-year operating margins increased 490 basis points to a quarterly
record of 36%.

The Company has enjoyed rapidly increased demand for its FLOWPROFILER service,
a proprietary oil-based tracer technology, which is a further development of
Core's patented SPECTRACHEM^® technology and has been in use for more than
four years, that quantifies the hydrocarbon production from discrete segments
in multi-stage horizontal well completions and stimulations in unconventional
tight-oil plays. FLOWPROFILER technology and the analytical methodology for
identifying the oil-soluble tracers are the protected intellectual property of
Core.

FLOWPROFILER technology employs a unique oil-soluble tracer, or combination of
unique oil-soluble tracers, introduced into isolated stages via the
stimulating proppant stream. The tracers are absorbed by the crude oil
associated with each stage. When the well is flowed, crude oil samples are
collected and analyzed by gas chromatography-mass spectrometry to identify and
quantify flow from each stage. Stages not flowing optimally can be
identified, precipitating remedial efforts and providing valuable insights for
future wells.

Because this powerful technology can help maximize initial flow and estimated
ultimate recovery ("EUR") rates for virtually all unconventional tight-oil
plays, Core has been recommending closer well spacings, longer laterals with
more and shorter stages, and pumping proppant to "screen-out" for all stages.
While these applications can increase well costs by as much as 20%, the
additional expenses are clearly offset by the potential for a 40% to 60%
increase in the EUR of hydrocarbons in certain tight-oil plays.

Core's Production Enhancement operations continue to introduce breakthrough
perforating technology. The Company believes that its revolutionary
completion technologies should change the methodology of perforating and
stimulating horizontal wells in unconventional tight-oil reservoirs and
conventional reservoirs worldwide. Just as horizontal wells are currently used
to increase production, reserves, and ultimate hydrocarbon recovery rates in
the shallow waters in the GOM, Core's horizontal well technologies can be
successfully used in severely damaged reservoirs in southern Iraq,
under-saturated reservoirs in northern Iraq, and conventional reservoirs
throughout the Middle East and other international petroleum provinces.
Core's multi-year effort to develop game-changing technology is directly tied
to the expected increase in horizontal well developments worldwide over the
next decade.

Core has also developed KODIAK Enhanced Perforating Systems^TM ("KODIAK")
energetic technology, which combines the Company's HERO^® ^ High Efficiency
Reservoir Optimization perforating charges, now API-certified as the
industry's deepest penetrating perforating charges, with proprietary
accelerator propellant pellets to boost the effectiveness of the
perforating/stimulating event. The detonation of the perforating charge
initiates a complex, sequentially oxidizing reaction of the solid rocket fuel
pellets, thereby generating a high-pressure pulse of gases. This pulse
initiates and propagates fractures ("mini-fracs") into the unconventional
reservoir sequence, allowing for cleaner perforation tunnels, improvement of
stimulant/proppant injection, and increased hydrocarbon production. Moreover,
the propellant-activated mini-frac can potentially reduce the frac breakdown
pressure of the reservoir. Lowering the formation frac breakdown pressure
should, in turn, reduce the amount of compressive horsepower needed at the
surface, thereby lowering frac stimulation costs.

The Company believes that its completion technologies create the potential to
substantially increase reservoir performance, while reducing completion and
stimulation costs in unconventional tight-oil developments and conventional
reservoirs worldwide.

Reservoir Management

Reservoir Management operations posted fourth quarter 2013 revenue of
$24,754,000 and operating income of $7,972,000, increases of 30% and 48%,
respectively, over 2012 fourth quarter totals. Both revenue and operating
income were all-time records for any fourth quarter.

Reservoir Management continues to have a high level of activity in its Permian
Basin Projects focused on both the Delaware Basin and Midland Basin. Four
more companies have joined the project, bringing the total to 61. The project
is concentrating on improving reservoir characterization, fracture
stimulation, production practices, and production performance of the
liquids-rich reservoirs such as the Wolfcamp, Cline, Bone Spring and other
intervals. Reservoir Management also completed a large proprietary project
for a potentially new unconventional play in North America.

Internationally, Reservoir Management has continued to focus on offshore and
deepwater reservoir studies along the Atlantic margins and East Africa.
Recently completed petroleum system projects include Pre-Salt Carbonates,
Post-Salt West Africa Reservoirs, Namibia-South Africa, and Uganda. Several
new multi-client projects were initiated and include Mozambique Reservoirs and
Central West Africa (Senegal and Guinea Bissau).

Reservoir Management has also increased the licensing of its proprietary
reservoir properties database RAPID^TM and associated "Cloud" technology. One
major and two large independent oil and natural gas companies adopted the
technology for their corporate software in the fourth quarter. This software
and associated analytics allows the companies to access and analyze reservoir
data across their systems worldwide.

CLB added to OSX

On 26 November 2013, Core Laboratories was added to the Philadelphia Oil
Service Sector Index ("OSX"), which is composed of fifteen of the leading
oilfield service companies, including Schlumberger, Halliburton, Baker Hughes,
National Oilwell Varco, Oceaneering, Tidewater, and Oil States International,
among others. The Index is designed to track the performance of a
representative group of companies involved in the oilfield services sector.

When Core was added to the Index, the OSX was at 278.84 and the CLB share
price was $185.37. The OSX was established on 31 December 1996 with a base of
75.00, on which day the CLB share price was $3.93. The Index is
price-weighted, therefore CLB has the greatest weighting of the fifteen
companies, representing about a 20% weighting of the entire OSX. Since
inception, the OSX has increased almost four-fold, while CLB shares are up
over 45-fold. For all of 2013, Core was the best performing stock in the OSX,
up 75% for the year.

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

During the fourth quarter of 2013, Core Laboratories generated $87,489,000 of
cash from operating activities and had capital expenditures of $8,428,000,
yielding over $79,061,000 in FCF. This is the highest level of quarterly FCF
ever generated in Company history, as Core converted almost 29 cents of every
revenue dollar into FCF.

For the full year of 2013, Core converted over 24 cents of every revenue
dollar into FCF, the highest conversion rate of all major oilfield service
companies. Moreover, Core's revenue-to-FCF conversion rate of over 24% is
significantly greater than most of the recent operating income margins of the
largest oilfield service companies. Core's 2013 FCF exceeds 2013 net income
and reached an annual record of $262,721,000, up 28% year-over-year.

The FCF in the fourth quarter 2013, along with borrowings from the Company's
revolving credit facility, was used to pay $14,517,000 in cash dividends and
to repurchase 376,912 shares. Core's outstanding diluted share count of
45,351,000 shares stands at a 16-plus year low. For all of 2013, Core returned
over $285,858,000 to shareholders in the form of dividends totaling
approximately $58,642,000 and share repurchases totaling approximately
$227,216,000. In all, Core has reduced its diluted share count by over
38,000,000 shares and has returned over $1.66 billion to its shareholders via
diluted share count reductions, special dividends, and quarterly dividends
since implementing its Shareholder Capital Return Program over 11 years ago.

On 8 October 2013, the Company's Board announced a quarterly cash dividend of
$0.32 per share of common stock that was paid on 20 November 2013 to
shareholders of record on 18 October 2013. Dutch withholding tax was deducted
from the dividend at the rate of 15%.

On 13 January 2014, the Board announced a quarterly cash dividend of $0.50 per
share of common stock payable in the first quarter of 2014. This amount
represents a 56.25% increase over the quarterly dividends of $0.32 per share
that were paid in 2013, and if paid each quarter of 2014, it would equal a
payout of $2.00 per share of common stock. The first quarter cash dividend
will be payable on 21 February 2014 to shareholders of record on 24 January
2014. 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 its ROIC compared with the oilfield services sector
for the fourth quarter 2013 in its first quarter 2014 earnings release.

First Quarter 2014 Earnings Guidance, 2014 Outlook

Core Lab anticipates that first quarter 2014 North American activity levels
will ramp up slightly from fourth quarter 2013 levels, while international
activity will continue to experience moderate increases. Therefore, Core
expects first quarter 2014 revenue to range between $280,000,000 and
$286,000,000. Using the midpoint of revenue guidance and applying
year-over-year quarterly incremental margins of 40% to 45%, first quarter 2014
EPS guidance would range from $1.43 to $1.45. FCF for the quarter is expected
to be approximately $70,000,000, or greater, once again exceeding net income
for the period. This operational guidance excludes any foreign currency
translations or any shares that may be repurchased in the first quarter, other
than those previously disclosed. A 24.0% effective tax rate is assumed for
the first quarter.

This first quarter guidance reflects Core's expected ability to continue to
grow year-over-year revenues above the increase in worldwide activity levels.
This is evident in fourth quarter 2013 results, wherein all three of the
Company's operating segments increased year-over-year quarterly revenue
totals, with Reservoir Description and Production Enhancement operations
posting all-time high quarterly revenue totals.

The Company's outlook for 2014 remains positive as Core projects increases in
worldwide activity should support revenue growth of up to 10% and EPS growth
of up to 17%. Assuming continued support from robust crude-oil prices, Core
believes that it will have expanding opportunities in increasingly more
established fields, newer field development projects as well as unconventional
tight-oil plays. Moreover, Core believes that the emerging dynamic of oil
companies returning more capital back to shareholders via increased dividends
and share buybacks will weigh negatively on future exploration budgets. This
will create further volatility in downward-trending exploration activity
levels. Core now receives less than 15% of its revenue from exploration
activities, down from over 80% two decades ago.

Consistent with its historical efforts to expand revenue beyond its clients'
spending levels, the Company plans to enter fields where it currently does not
have operations and to offer new technologies and additional services in
2014. These new technologies and services, such as the FLOWPROFILER and the
KODIAK technologies featured in this release, will be focused on increasing
the daily production and ultimate hydrocarbon recovery rates from
liquids-related unconventional and conventional reservoir developments
worldwide. Therefore, Core believes its business model goal of achieving a
revenue growth rate of 200 to 400 basis points above the increase in the
worldwide activity level remains intact, with incremental margins, between 40%
and 45%, positively impacting operating margins.

Based on the anticipated increases in worldwide activity levels, Core believes
that full-year 2014 revenue will range between approximately $1,160,000,000
and $1,181,000,000, with full-year EPS ranging from approximately $6.00,
applying 40% full year-over-year incremental margins to the lower projected
revenue level, to approximately $6.25, applying 45% full year-over-year
incremental margins to the higher projected revenue level. Operating income
margins are expected to expand to 32%, increasing approximately 100 basis
points over 2013 levels.

Core expects FCF totals to exceed $300,000,000 in 2014, with the Company's
client-directed capex program to be slightly greater than in 2013 and to be
more than offset by continued improvements in working capital efficiencies.
The Company, once again, has significantly increased its quarterly dividend in
2014, while continuing its Share Repurchase Program, thereby expanding its
Shareholder Capital Return Program.

The Company has scheduled a conference call to discuss Core's fourth quarter
2013 earnings announcement. The call will begin at 7:30 a.m. CST/2:30 p.m.
CET on Thursday, 30 January 2014. To listen to the call, please go to Core's
website at www.corelab.com.

Core Laboratories N.V. (www.corelab.com) 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, except as required by law.



CORE LABORATORIES N.V. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
                            Three Months Ended        Twelve Months Ended
                            31 December  31 December  31 December   31
                            2013         2012         2013          December
                                                                    2012
                            (Unaudited)  (Unaudited)  (Unaudited)
REVENUE                     $  276,279   $  254,455   $ 1,073,508   $ 981,080
OPERATING EXPENSES:
  Costs of services and     168,393      160,958      662,968       621,819
  sales
  General and               13,660       12,302       51,988        43,185
  administrative expenses
  Depreciation and          6,729        5,498        25,471        22,917
  amortization
  Other (income) expense,   (420)        (171)        (338)         (4,121)
  net
OPERATING INCOME            87,917       75,868       333,419       297,280
Interest expense            2,483        2,292        9,317         8,820
INCOME BEFORE INCOME TAX    85,434       73,576       324,102       288,460
EXPENSE
INCOME TAX EXPENSE          20,718       18,394       80,908        71,848
NET INCOME                  64,716       55,182       243,194       216,612
NET INCOME (LOSS)
ATTRIBUTABLE TO             (8)          381          383           541
NON-CONTROLLING INTEREST
NET INCOME ATTRIBUTABLE TO  $  64,724    $  54,801    $ 242,811     $ 216,071
CORELABORATORIES N.V.
Diluted Earnings Per Share: $  1.42      $  1.17      $ 5.28        $ 4.54
WEIGHTED AVERAGE DILUTED    45,517       46,857       45,994        47,553
COMMON SHARES OUTSTANDING
SEGMENT INFORMATION:
Revenue:
Reservoir Description       $  136,251   $  128,805   $ 522,251     $ 495,529
Production Enhancement      115,274      106,641      452,415       403,792
Reservoir Management        24,754       19,009       98,842        81,759
  Total                     $  276,279   $  254,455   $ 1,073,508   $ 981,080
Operating income (loss):
Reservoir Description       $  38,631    $  37,231    $ 146,338     $ 144,502
Production Enhancement      40,954       33,168       154,715       128,602
Reservoir Management        7,718        5,371        31,555        26,428
Corporate and other         614          98           811           (2,252)
  Total                     $  87,917    $  75,868    $ 333,419     $ 297,280



CORE LABORATORIES N.V. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(amounts in thousands)
ASSETS:                                     31 December 2013  31 December 2012
                                            (Unaudited)
Cash and Cash Equivalents                   $   25,088        $   19,226
Accounts Receivable, net                    201,322           184,774
Inventory                                   46,821            49,265
Other Current Assets                        30,637            43,642
        Total Current Assets                303,868           296,907
Property, Plant and Equipment, net          138,824           125,418
Intangibles, Goodwill and Other Long Term   218,318           214,191
Assets, net
        Total Assets                        $   661,010       $   636,516
LIABILITIES AND EQUITY:
Accounts Payable                            $   50,821        $   55,168
Other Current Liabilities                   84,954            85,342
        Total Current Liabilities           135,775           140,510
Long-Term Debt & Lease Obligations          $   267,002       $   234,033
Other Long-Term Liabilities                 88,844            74,060
Total Equity                                169,389           187,913
        Total Liabilities and Equity        $   661,010       $   636,516



CORE LABORATORIES N.V. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(amounts in thousands)
(Unaudited)
                                               Twelve Months Ended
                                               31 December 2013
CASH FLOWS FROM OPERATING ACTIVITIES           $    298,137
CASH FLOWS FROM INVESTING ACTIVITIES           (43,198)
CASH FLOWS FROM FINANCING ACTIVITIES           (249,077)
NET CHANGE IN CASH AND CASH EQUIVALENTS        5,862
CASH AND CASH EQUIVALENTS, beginning of period 19,226
CASH AND CASH EQUIVALENTS, end of period       $    25,088

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)
(Unaudited)
                          Three Months Ended  Twelve Months     Twelve Months
                                              Ended             Ended
                          31 December 2013    31 December 2013  31 December
                                                                2012
Operating income          $    87,917         $   333,419       $  297,280
Foreign exchange losses   1,299               4,339             —
Legal entity realignment  —                   —                 1,860
NYSE Euronext             —                   —                 923
listing-related costs
Gain from insurance       (736)               (1,611)           (4,490)
settlement
Operating income          $    88,480         $   336,147       $  295,573
excluding specific items
                          Three Months Ended 31 December 2013
                          Reservoir           Production        Reservoir
                          Description         Enhancement       Management
Operating income          $    38,631         $   40,954        $  7,718
Gain from insurance       (736)               —                 —
settlement
Foreign exchange losses   350                 560               254
Operating income          $    38,245         $   41,514        $  7,972
excluding specific items



Reconciliation of Net Income
(amounts in thousands)
(Unaudited)
                       Three Months Ended  Twelve Months     Twelve Months
                                           Ended             Ended
                       31 December 2013    31 December 2013  31 December 2012
Net income             $    64,724         $   242,811       $   216,071
Foreign exchange       984                 3,254             —
losses (net of tax)
Legal entity
realignment (net of    —                   —                 1,397
tax)
NYSE Euronext          —                   —                 693
listing-related costs
Gain from insurance
settlement (net of     (558)               (1,208)           (3,372)
tax)
Impact of lower        (214)               —                 —
effective tax rate
Net income excluding   $    64,936         $   244,857       $   214,789
specific items



Reconciliation of Earnings Per Diluted Share
(Unaudited)
                          Three Months Ended  Twelve Months     Twelve Months
                                              Ended             Ended
                          31 December 2013    31 December 2013  31 December
                                                                2012
Earnings per diluted      $     1.42          $    5.28         $   4.54
share
Foreign exchange losses   0.02                0.07              —
(net of tax)
Legal entity realignment  —                   —                 0.03
(net of tax)
NYSE Euronext             —                   —                 0.02
listing-related costs
Gain from insurance       (0.01)              (0.03)            (0.07)
settlement (net of tax)
Impact of lower effective —                   —                 —
tax rate
Earnings per diluted
share excluding specific  $     1.43          $    5.32         $   4.52
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)
(Unaudited)
                                           Three Months      Twelve Months
                                           Ended             Ended
                                           31 December 2013  31 December 2013
Net cash provided by operating activities  $    87,489       $   298,137
Less: capital expenditures                 (8,428)           (35,416)
Free cash flow                             $    79,061       $   262,721



SOURCE Core Laboratories N.V.

Website: http://www.corelab.com
Contact: Richard L. Bergmark, CFO: + 1 713 328 2101; or Chris Hill, Investor
Relations: + 1 713 328 6401, investor.relations@corelab.com
 
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