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TheStreet Open House

Core Laboratories' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Our comments include non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures is included in the press release announcing our second quarter results. Those non-GAAP measures can also be found on our website.

With that said, I’ll pass the discussion back to David.

David Demshur

Okay. Thanks, Dick. I’d like to give a quick investor update. Core’s operation produced another solid quarter, as the company can really do benefit from our continues focus on and the increase in international and deepwater offshore activities, and unconventional oil plays in response to relatively high oil prices and dwindling global spare oil producing capacity.

The focus on crude oil related projects continued to build in 2012 as we discuss the projected decrease in natural gas drilling activities in North America on our last four previous conference calls. Therefore Core’s revenue mix now is closer to 80% oil and 20% natural gas, a shift from the previous 70/30 mix earlier.

Moreover, most of the natural gas related projects emanate from the international theaters and these LNG projects are related to major developments in the Eastern Mediterranean, East Africa and Western Australia.

Turning to our ops, Core’s reservoir description results reflected the focus away from natural gas and the positive increases in both international and deepwater activities, which continued into 2012.

Core Lab dominates these deepwater core analysis and reservoir fluid markets capturing virtually all outsourced projects from offshore Brazil, West Africa, East Africa that includes thousands and thousands of feet of core that has been cut in East Africa, the Eastern Mediterranean and the deepwater markets throughout Asia-Pacific.

Looking at reservoir management, they posted another strong quarter reflecting additional oil company support for its worldwide joint industry projects in oil shales and international areas of interest like the deepwater areas offshore Western Brazil where Core Lab currently ops six joint industry project and Petrobras continues to be Core Laboratories largest and most important national oil company client.

Read the rest of this transcript for free on seekingalpha.com

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