Core Laboratories N.V.’s (CLB) margins are “boosted to the highest degree ever,” says David M. Demshur, the Chairman/President/CEO of the company, a step that will maximize Core’s free cash flow. He was speaking at the Cowen & Company Ultimate Energy Conference at the New York Hilton Midtown in New York City.
Core Laboratories is a provider of reservoir description, production enhancement and reservoir management services to the oil and gas industry. The company’s goal, Demshur said, is “to help our clients produce more oil and gas every day, and produce more over the life of the asset.”
To achieve that, Core Laboratories divides into three business segments: reservoir description, production enhancement, and reservoir management, all designed to help clients capture “incremental barrels,” Demshur said, and “get the recovery rates up.” The company targets fields that are under-producing or brownfields, Demshur said, adding new projects at the rate of 40 to 50 per year. Core Laboratories is currently involved with 1250 fields worldwide, 50 more than last year, Demshur said.
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Demshur said Core Laboratories did $7.4 billion in revenue last year, with operating margins up 400 basis points.
Core Laboratories Executive Vice President and CFO Richard Bergmark said the company has been “pretty aggressive in share buyback” since 2002. As a result, it has “reduced outstanding shares by almost half.” Bergmark said Core Laboratories’ focus is on “generating free cash in this company,” calling the strategy “integral to shareholder return.”
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