July 28, 2016 10:13 PM ET

Energy Equipment and Services

Company Overview of Core Laboratories NV

Company Overview

Core Laboratories N.V. provides reservoir description, production enhancement, and reservoir management services to the oil and gas industry in the United States, Canada, and internationally. It operates through three segments: Reservoir Description, Production Enhancement, and Reservoir Management. The Reservoir Description segment comprises the characterization of petroleum reservoir rock, fluid, and gas samples. This segment offers analytical and field services to characterize properties of crude oil and petroleum products to the oil and gas industry. The Production Enhancement segment includes services and products relating to reservoir well completions, perforations, stimulations, and p...

Strawinskylaan 913

Tower A

Level 9

Amsterdam,  1077 XX

Netherlands

Founded in 1936

4,400 Employees

Phone:

31 20 420 3191

Key Executives for Core Laboratories NV

Chairman of Supervisory Board, Chief Executive Officer and President
Age: 61
Total Annual Compensation: $951.0K
Chief Financial Officer, Executive Vice President and Supervisory Director
Age: 63
Total Annual Compensation: $508.6K
Chief Operating Officer and Senior Vice President
Age: 62
Total Annual Compensation: $508.6K
Compensation as of Fiscal Year 2015.

Core Laboratories NV Key Developments

Core Laboratories NV Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Production Guidance for the Year 2016; Provides Earnings Guidance for the Third Quarter of 2016

Core Laboratories NV reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2016. For the quarter, revenue was $148,069,000 against $203,889,000 for the same period of last year. Operating income was $22,227,000 against $47,893,000 for the same period of last year. Income before income tax expense was $17,206,000 against $44,777,000 for the same period of last year. Net income attributable to the company was $16,624,000 against $34,626,000 for the same period of last year. Diluted earnings per share were $0.38 against $0.81 for the same period of last year. For the six months, revenue was $301,716,000 against $417,532,000 for the same period of last year. Operating income was $43,167,000 against $90,610,000 for the same period of last year. Income before income tax expense was $36,712,000 against $85,091,000 for the same period of last year. Net income attributable to the company was $31,706,000 against $66,025,000 for the same period of last year. Diluted earnings per share were $0.74 against $1.53 for the same period of last year. Cash flows from operating activities were $73,814,000. Capital expenditures were $5,300,000. Free cash flow is $68.5 million. At current US activity levels, the company predicts 2016 US onshore oil production will fall approximately 1,100,000 bopd from 2015 levels, offset somewhat by gom gains of approximately 160,000 bopd, yielding a US net decline of 940,000 bopd and net decline curve rate of 10.1%. Declines in US onshore oil production will be led by tight-oil plays in the Eagle Ford, Bakken, and Niobrara and will be slightly offset with limited gains from the Permian basin. Based on currently available worldwide crude oil production data, coupled with internal core lab data, core has estimated the net worldwide annual crude oil production decline rate to be 3.3%. Based on typical seasonality, core projects third quarter results will increase on a sequential basis from the second quarter, with revenue ranging between approximately $148,000,000 to $151,000,000, yielding operating margins increasing sequentially to approximately 15%. The company’s effective tax rate is expected to be approximately 11% in the third quarter as a result of lower profitability in higher tax rate jurisdictions. Third quarter EPS is expected to be in the $0.39 to $0.41 range, with FCF exceeding net income for the ninth consecutive quarter. On an equivalent currency basis, the company expects third quarter 2016 revenue and operating income and margins to increase from second quarter 2016 levels.

Core Laboratories Mulls Acquisitions

Core Laboratories NV is looking for potential acquisitions opportunities.

Core Lab Announces Quarterly Dividend, Payable on 15 August 2016

The board of supervisory directors of Core Laboratories has announced a cash dividend of $0.55 per share of common stock payable in the third quarter of 2016. This third quarter dividend would mean a total payout of $2.20 per share of common stock if maintained for the entire year. The quarterly $0.55 per share cash dividend will be payable on 15 August 2016, to shareholders of record on 18 July 2016. Dutch withholding tax will be deducted from the dividend at a rate of 15%.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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