Core Laboratories Inc (CLB) 2024 Q2 法說會逐字稿

Good day, and welcome to the Core Laboratories second-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Larry Bruno, Chairman and CEO. Please go ahead.

美好的一天，歡迎參加 Core Laboratories 2024 年第二季財報電話會議。（操作員指示）我現在想將會議轉交給董事長兼執行長拉里·布魯諾（Larry Bruno）。請繼續。

Thanks, Chris. Good morning in the Americas, good afternoon in Europe, Africa and the Middle East and good evening in Asia Pacific. We'd like to welcome all of our shareholders, analysts, and most importantly, our employees to Core Laboratories' second-quarter 2024 earnings call. This morning, I'm joined by Chris Hill, Core's Chief Financial Officer; and Gwen Gresham, Core's Senior Vice President and Head of Investor Relations.

謝謝，克里斯。美洲地區早安，歐洲、非洲和中東地區下午好，亞太地區晚上好。我們歡迎所有股東、分析師，最重要的是我們的員工參加 Core Laboratories 的 2024 年第二季財報電話會議。今天早上，Core 財務長 Chris Hill 也加入了我的行列。以及 Core 資深副總裁兼投資者關係主管 Gwen Gresham。

The call will be divided into six segments. Gwen will start by making remarks regarding forward-looking statements. We'll then have some opening comments, including a high-level review of important factors in Core's Q2 performance. In addition, we'll review Core's strategies and the three financial tenets that the company employs to build long-term shareholder value. Chris will then give a detailed financial overview and have additional comments regarding shareholder value.

通話將分為六個部分。格溫將首先就前瞻性陳述發表評論。然後我們將進行一些開場評論，包括對 Core 第二季性能重要因素的高級別審查。此外，我們還將回顧 Core 的策略以及公司用來建立長期股東價值的三個財務原則。然後，克里斯將提供詳細的財務概覽，並對股東價值提出其他評論。

Following Chris, Gwen will provide some comments on the company's outlook and guidance. I'll then review Core's two operating segments detailing our progress and discussing the continued successful introduction and deployment of Core Lab's technologies as well as highlighting some of Core's operations and major projects worldwide. Then we'll open the phones for Q&A session.

繼克里斯之後，格溫將對公司的前景和指導發表一些評論。然後，我將回顧 Core 的兩個營運部門，詳細介紹我們的進展，討論 Core Lab 技術的持續成功引入和部署，並重點介紹 Core 在全球範圍內的一些營運和主要專案。然後我們將打開電話進行問答環節。

I'll now turn the call over to Gwen for remarks on forward-looking statements.

現在我將把電話轉給格溫，請其就前瞻性陳述發表評論。

Before we start the conference, this morning, I'll mention that some of our statements that we make during this call may include projections, estimates, and other forward-looking information. This would include any discussion of the company's business outlook. These types of forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to materially differ from our forward-looking statements.

今天早上，在我們開始會議之前，我要提到的是，我們在這次電話會議中所做的一些聲明可能包括預測、估計和其他前瞻性資訊。這將包括對公司業務前景的任何討論。這些類型的前瞻性陳述受到許多風險和不確定性的影響，可能導致實際結果與我們的前瞻性陳述有重大差異。

These risks and uncertainties are discussed in our most recent annual report on Form 10-K as well as other reports and registration statements filed by us with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a new result of new information, future events or otherwise.

這些風險和不確定性在我們最新的 10-K 表格年度報告以及我們向 SEC 提交的其他報告和註冊聲明中進行了討論。我們沒有義務公開更新或修改任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因而產生的新結果。

Our comments are also included on non-GAAP financial measures. Reconciliation 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.

我們的評論也包含在非公認會計原則財務指標上。宣布第二季業績的新聞稿中包含了與最直接可比較的公認會計準則財務指標的調節。這些非公認會計準則衡量標準也可以在我們的網站上找到。

With that said, I'll pass the discussion back to Larry.

話雖如此，我會將討論轉回拉里。

Thanks, Gwen. Moving now to some high-level comments about the second quarter of 2024. Core continued to build on the operational momentum established over the past few quarters. Revenue was up slightly compared to Q1 of 2024, but the company did see nice sequential improvement in operating income, operating margins, free cash flow. and earnings per share.

謝謝，格溫。現在轉向有關 2024 年第二季的一些高層評論。Core 繼續以過去幾季建立的營運動能為基礎。與 2024 年第一季相比，收入略有增長，但該公司在營業收入、營業利潤率和自由現金流方面確實看到了良好的連續改善。和每股收益。

In reservoir description, revenue in the second quarter was up over 2% compared to Q1, reflecting the continued improvement in market demand for our global rock and fluids laboratory analyses. This improvement occurred despite the ongoing geopolitical conflicts that continue to negatively impact demand for laboratory services that are directly tied to the assay of crude oil and derived products. These geopolitical conflicts produce headwinds to both revenue growth and operating margins. For the second quarter, operating margins in reservoir description were 14%.

在油藏描述方面，第二季營收較第一季成長超過 2%，反映出市場對我們全球岩石和流體實驗室分析的需求持續改善。儘管持續的地緣政治衝突繼續對與原油和衍生產品分析直接相關的實驗室服務需求產生負面影響，但這種改善還是出現了。這些地緣政治衝突對收入成長和營業利潤帶來阻力。第二季度，油藏描述業務的營業利益率為 14%。

In production enhancement revenue declined by approximately 2% compared to Q1 largely reflecting lower product sales outside the US, which offset growth in domestic product sales. However, profitability improved nicely with operating margins climbing to 10%, up over 260 basis points as cost control measures aimed at rightsizing the operation took hold.

與第一季相比，增產方面的收入下降了約 2%，這主要反映了美國以外地區產品銷售的下降，抵消了國內產品銷售的成長。然而，隨著旨在調整營運規模的成本控制措施的實施，獲利能力得到了很好的改善，營業利潤率攀升至 10%，上升了 260 個基點以上。

In line with our stated financial strategy after funding our dividend Core continued to dedicate free cash to paying down debt. During the quarter, Core's net debt was reduced by $15.8 million or 10%. This reduction in our outstanding debt also decreased our leverage ratio to 1.66, down from 1.76 last quarter. This is the lowest our leverage ratio has been in the last five years. We will continue to focus free cash and reducing debt and strengthening our balance sheet.

根據我們既定的財務策略，在為我們的股息提供資金後，核心繼續將自由現金用於償還債務。本季度，Core 的淨債務減少了 1,580 萬美元，即 10%。未償債務的減少也將我們的槓桿率從上季的 1.76 降至 1.66。這是我們過去五年來的最低槓桿率。我們將繼續關注自由現金、減少債務和加強我們的資產負債表。

Lastly, for the full company ex items, EPS was $0.22 per share compared to $0.19 in Q1 of 2024. and operating margins improved from 12% to 13%, which includes the absorption of higher G&A costs in the second quarter.

最後，整個公司的剔除項目，每股收益為 0.22 美元，而 2024 年第一季為 0.19 美元。

As we look ahead, Core will continue to execute on its key strategic objectives by one, introducing new product and service offerings in key geographic markets; two, maintaining a lean and focused organization; and three, maintaining our commitment to delevering the company. We will remain focused on strengthening our balance sheet and advancing to our stated goal of achieving a leverage ratio of 1.5 times or lower. As we continue to reduce debt Core is also reviewing various options for returning value to our shareholders through the use of excess free cash.

展望未來，Core 將繼續執行其關鍵策略目標：一是在關鍵地理市場推出新產品和服務；二、保持精幹、專注的組織；三是堅持公司去槓桿化的承諾。我們將繼續專注於強化資產負債表，並推動實現槓桿率 1.5 倍或更低的既定目標。在我們繼續減少債務的同時，Core 也正在審查透過使用多餘的自由現金向股東返還價值的各種選擇。

Now to review Core Lab's strategies and the financial tenets that Core has used to build shareholder value over our 28 year history as a publicly traded company. The interests of our shareholders, clients, and employees will always be well served by Core Lab's resilient culture, which relies on innovation, leveraging technology to solve problems and dedicated customer service. I'll talk more about some of our latest innovations in the operational review section of this call.

現在回顧一下 Core Lab 的策略以及 Core 在我們作為上市公司 28 年歷史中用來建立股東價值的財務原則。Core Lab 的彈性文化始終能夠很好地維護我們股東、客戶和員工的利益，這種文化依賴於創新、利用技術解決問題和專注的客戶服務。我將在本次電話會議的營運審查部分詳細討論我們的一些最新創新。

While we navigate through the current challenges and pursue growth opportunities, the company will remain focused on its three long-standing long-term financial tenets. Those being to maximize free cash flow, maximize return on invested capital, and returning excess free cash to our shareholders.

在我們應對當前挑戰並尋求成長機會的同時，公司將繼續專注於其三大長期財務原則。這些是最大化自由現金流，最大化投資資本回報，並將多餘的自由現金回饋給我們的股東。

I'll now turn it over to Chris for the detailed financial review.

我現在將把它交給克里斯進行詳細的財務審查。

Thanks, Larry. Before you review the financial performance for the quarter, the guidance we gave on our last call and past calls specifically excluded the impact of any FX gains or losses and assumed an effective tax rate of 20%. So accordingly, our discussion today excludes any foreign exchange gain or loss for current and prior periods.

謝謝，拉里。在您回顧本季的財務表現之前，我們在上次電話會議和過去的電話會議中給出的指導明確排除了任何外匯收益或損失的影響，並假設有效稅率為 20%。因此，我們今天的討論不包括當期和前期的任何外匯損益。

The comparison periods for the first quarter of 2024 and second quarter of 2023 also include items that were discussed in those calls and highlighted in our earnings release for those periods. These items have also been excluded from our discussion of the financial results today. You can find a summary of those items in the tables attached to our press release for the second quarter of 2024.

2024 年第一季和 2023 年第二季的比較期間還包括這些電話會議中討論的項目以及我們在這些時期的收益發布中強調的項目。這些項目也被排除在我們今天討論的財務表現之外。您可以在我們 2024 年第二季新聞稿所附的表格中找到這些項目的摘要。

So now looking at the income statement, revenue was $130.6 million in the second quarter, a slight increase from $129.6 million in the prior quarter and $127.9 million in the prior year's second quarter. Sequentially, increased demand in both the US and certain international regions for reservoir rock and fluid analytical programs was partially offset by lower completion diagnostic services and completion product sales in international markets.

現在來看看損益表，第二季的營收為 1.306 億美元，比上一季的 1.296 億美元和去年第二季的 1.279 億美元略有成長。因此，美國和某些國際地區對儲層岩石和流體分析專案的需求成長被國際市場完井診斷服務和完井產品銷售的下降部分抵消。

Of this revenue, service revenue, which is more international, was $96.3 million for the quarter, flat sequentially and up over 3% from last year. Demand for our laboratory-based reservoir rock and fluid analytical programs continues to improve and is expected to continue growing globally with a stronger growth in certain three international regions.

其中，服務收入更為國際化，本季為 9,630 萬美元，與上一季持平，但比去年增長了 3% 以上。對我們基於實驗室的儲層岩石和流體分析項目的需求持續改善，預計全球範圍內將繼續增長，其中某些三個國際地區的增長更為強勁。

However, this sequential growth was offset by a slightly lower level of completion diagnostic services in the US and continued disruptions in some of the international regions where assay services continue to be impacted by the ongoing geopolitical conflicts. Product sales, which are more equally tied to North America and international activity, were $34.2 million for the quarter, up over 3% sequentially and relatively flat from last year.

然而，這種連續成長被美國完成診斷服務水準略低以及一些國際地區的持續中斷所抵消，這些地區的化驗服務繼續受到持續的地緣政治衝突的影響。產品銷售額與北美和國際活動的連結更為平等，本季產品銷售額為 3,420 萬美元，比上一季成長 3% 以上，與去年相比相對持平。

Sequentially, product sales increased 18% in the US primarily driven by improved market penetration of our completion products. The sequential growth in product sales in the US was offset by a lower level of product sales into international markets and the Canadian market as a result of typical seasonal declines.

隨後，美國的產品銷售額成長了 18%，這主要是由於我們的完井產品的市場滲透率提高所致。美國產品銷售的環比成長被國際市場和加拿大市場因典型的季節性下降而導致的產品銷售水準下降所抵銷。

Moving on to cost of services, ex-items for the quarter was approximately 78% of service revenue, up slightly from 77% in the prior quarter and 76% last year. As we discussed during our last call, in February, a fire damaged one of our buildings on the campus of our advanced technology center in Aberdeen. Although our insurance programs are reimbursing us for operating costs and additional costs associated with remediation of the equipment and the facility, the $1.3 million of associated insurance is recorded as other income and not reflected in cost of services or revenue.

說到服務成本，本季的稅前項目約佔服務收入的 78%，略高於上一季的 77% 和去年的 76%。正如我們在上次電話會議中所討論的那樣，二月份，一場火災損壞了我們位於阿伯丁先進技術中心園區的一棟建築。儘管我們的保險計劃正在補償我們的營運成本以及與設備和設施修復相關的額外成本，但 130 萬美元的相關保險記錄為其他收入，並未反映在服務成本或收入中。

For the remainder of 2024, we project service revenue to continue growing with strong incremental margins. Cost of sales ex items in the second quarter was 82% of revenue improved from 93% last quarter, and 84% from last year.

在 2024 年剩餘時間內，我們預期服務收入將持續成長，利潤率增量強勁。第二季除專案外的銷售成本佔收入的比例為 82%，較上季的 93% 和去年的 84% 有所改善。

As mentioned by Larry, the sequential improvement was primarily driven by savings from cost reduction initiatives and manufacturing efficiencies implemented at the end of the prior quarter. The company will continue to manage the business as efficiently as possible due to continued volatility in the US market is onshore completion activity in the US has shown signs of softening as we exited the second quarter and starting the third quarter of this year.

正如 Larry 所提到的，連續改善主要是由於上一季末實施的成本削減計劃和製造效率節省所致。由於美國市場的持續波動，公司將繼續盡可能有效地管理業務，隨著我們從第二季度退出並開始今年第三季度，美國的陸上竣工活動已顯示出疲軟的跡象。

G&A ex-items for the quarter was $10.3 million, an increase from the prior quarter which was $8.3 million. The sequential increase in G&A expense was primarily due to the change in value of company-owned life insurance investments, which was a loss this quarter versus a gain in the prior quarter. Additionally, the company initiated a third party assessment of our cybersecurity environment and also implementation of a global human capital management system, which increased G&A expense in the second quarter of 2024.

本季的 G&A 稅前項目為 1,030 萬美元，比上一季的 830 萬美元有所增加。一般管理費用較上季增加主要是因為公司自有人壽保險投資價值的變化，本季出現虧損，而上一季出現收益。此外，該公司還啟動了對我們的網路安全環境的第三方評估，並實施了全球人力資本管理系統，這增加了 2024 年第二季的一般管理費用。

For 2024, we expect G&A ex-items to be approximately $40 million to $42 million. It is also important to note that 100% of our corporate G&A expenses are allocated and absorbed into the financial performance of the reported segments. The operating margins in both of our segments improved this quarter compared to the first quarter of this year. And the expansion of operating profit in both segments includes the absorption of the $2 million increase in G&A expenses this quarter.

2024 年，我們預計 G&A 稅前項目約為 4,000 萬至 4,200 萬美元。另外需要注意的是，我們 100% 的企業管理及行政費用均分配並吸收到所報告部門的財務表現。與今年第一季相比，本季我們兩個部門的營業利潤率均有所提高。這兩個部門營業利潤的擴張包括吸收本季 G&A 費用增加的 200 萬美元。

Depreciation and amortization for the quarter was $3.8 million, flat compared to last year -- last quarter. EBIT ex-items for the quarter was $16.4 million and increased 10% from $14.9 million last quarter, yielding an EBIT margin of approximately 13%. EBIT margins are up from 12% last quarter and year over year. Our operating income for the quarter on a GAAP basis was $16 million.

本季的折舊和攤提為 380 萬美元，與去年同期持平。本季的息稅前利潤為 1,640 萬美元，較上季的 1,490 萬美元增長 10%，息稅前利潤率約為 13%。息稅前利潤率較上季和去年同期的 12% 有所上升。以 GAAP 計算，我們本季的營業收入為 1,600 萬美元。

Interest expense of $3.2 million decreased from $3.4 million last quarter. The decrease was primarily due to lower average borrowings on the credit facility this quarter. Income tax expense and an effective tax rate of 20% and ex items was $2.6 million for the quarter.

利息支出從上季的 340 萬美元減少到 320 萬美元。下降的主要原因是本季信貸安排的平均借款減少。本季所得稅費用和 20% 的有效稅率（不含稅）為 260 萬美元。

On a GAAP basis, we recorded a tax expense of $3.6 million for the quarter. The effective tax rate will continue to be somewhat sensitive to the geographic mix of earnings across the globe and the impact of items discrete to each quarter. We continue to project the company's effective tax rate to be approximately 20%.

根據 GAAP 計算，我們本季的稅金為 360 萬美元。有效稅率將繼續對全球收入的地理組合以及每季離散項目的影響有些敏感。我們繼續預計該公司的有效稅率約為 20%。

Net income ex-items for the quarter was $10.4 million, an increase of over 16% from $8.9 million last quarter and up from $9.8 million in the second quarter of last year. On a GAAP basis, we recorded net income of $9 million for the quarter. Earnings per diluted share ex-items was $0.22 for the quarter, up from $0.19 in the prior quarter and $0.21 in the same quarter last year. On a GAAP basis, earnings per diluted share was $0.19 for the quarter.

本季的稅前淨利潤為 1,040 萬美元，比上一季的 890 萬美元和去年第二季的 980 萬美元增長了 16% 以上。根據 GAAP 計算，我們本季淨利為 900 萬美元。本季攤薄每股收益為 0.22 美元，高於上一季的 0.19 美元和去年同期的 0.21 美元。以 GAAP 計算，本季攤薄後每股收益為 0.19 美元。

Turning to the balance sheet. Receivables were $115.6 million, an increase slightly from $115.1 million last quarter end. Our DSOs for the second quarter were at 75 days, up slightly from the 74 days last quarter. We anticipate our DSOs will improve in future quarters.

轉向資產負債表。應收帳款為 1.156 億美元，較上季末的 1.151 億美元略有增加。我們第二季的 DSO 為 75 天，比上季的 74 天略有增加。我們預計我們的 DSO 將在未來幾季得到改善。

Inventory at June 30, 2024 was $69.9 million, down approximately $800,000 from last quarter. Inventory turns have also shown some slight improvement over the last few quarters. We continue to focus our efforts on reducing the amount of inventory we are currently carrying and anticipate inventory turns will gradually improve and inventory levels to decline as we progress through the remainder of 2024.

截至 2024 年 6 月 30 日的庫存為 6,990 萬美元，比上季減少約 80 萬美元。過去幾季庫存週轉率也略有改善。我們將繼續集中精力減少目前的庫存量，並預計隨著 2024 年剩餘時間的進展，庫存週轉率將逐步改善，庫存水準將下降。

Onto the liability side of the balance sheet, our long-term debt was $150 million at the end of the second quarter of 2024 and considering cash of $17.7 million, net debt was $132.3 million, which decreased $15.8 million or over 10% from last quarter. Free cash flow generated during the quarter was primarily used to reduce debt. Our leverage ratio was reduced to 1.66 at June 30 from 1.76 last quarter and this quarter marks the lowest level of leverage the company has maintained since the end of 2018, and we anticipate the leverage ratio will continue to improve during the remainder of 2024.

在資產負債表的負債方面，截至2024 年第二季末，我們的長期債務為1.5 億美元，考慮到1,770 萬美元的現金，淨債務為1.323 億美元，比上季度減少1,580 萬美元或超過10 % 。本季產生的自由現金流主要用於減少債務。截至 6 月 30 日，我們的槓桿率從上個季度的 1.76 降至 1.66，本季是公司自 2018 年底以來維持的最低槓桿水平，我們預計槓桿率在 2024 年剩餘時間內將繼續改善。

Our debt is currently comprised of our senior notes at $110 million and $40 million outstanding under the bank credit facility. Our credit facility has a borrowing capacity of $135 million, of which approximately $85 million was still available as of June 30, 2024. The company will continue applying free cash towards reducing debt until the company reaches its target leverage ratio of 1.5 or lower.

目前，我們的債務包括 1.1 億美元的優先票據和銀行信貸安排下未償還的 4,000 萬美元。我們的信貸額度具有 1.35 億美元的借款能力，截至 2024 年 6 月 30 日，其中約 8,500 萬美元仍可提供。該公司將繼續運用自由現金來減少債務，直到該公司達到 1.5 或更低的目標槓桿率。

Looking at cash flow for the second quarter of 2024, cash flow from operating activities was approximately $17.2 million and after paying for $2.9 million of CapEx, our free cash flow for the quarter was $14.3 million. When we compare free cash flow of $16.8 million generated by the company for the first half of this year to $1.2 million generated last year, we are pleased with not only an improvement in cash generation, but also managing the excess inventory levels down.

看看 2024 年第二季的現金流，經營活動產生的現金流約為 1,720 萬美元，在支付 290 萬美元的資本支出後，我們該季度的自由現金流為 1,430 萬美元。當我們將公司今年上半年產生的 1,680 萬美元自由現金流與去年產生的 120 萬美元進行比較時，我們不僅對現金產生的改善感到滿意，而且還對過剩庫存水準的管理有所下降。

As we indicated in our last call, we expect CapEx to modestly expand in 2024 compared to 2023, and we will continue to manage investment in working capital during a period of growth. Additionally, we expect CapEx to remain aligned with activity levels. And for the full year 2024, we expect capital expenditures to be in the range of $12 million to $14 million.

正如我們在上次電話會議中指出的那樣，我們預計 2024 年的資本支出將比 2023 年小幅增長，我們將在增長期間繼續管理營運資本投資。此外，我們預計資本支出將與活動水準保持一致。2024 年全年，我們預計資本支出將在 1,200 萬美元至 1,400 萬美元之間。

Core will continue its strict capital discipline and asset-light business model with capital expenditure primarily targeted at growth opportunities. Core Lab's operational leverage continues to provide the ability to grow revenue and profitability with minimal capital requirements.

Core將繼續其嚴格的資本紀律和輕資產業務模式，資本支出主要針對成長機會。核心實驗室的營運槓桿繼續提供以最低資本要求增加收入和獲利能力的能力。

Capital expenditures have historically ranged from 2.5% to 4% of revenue, even during periods of significant growth. Although we have improved the efficiencies in our global laboratory infrastructure through some consolidation of facilities that same intellectual property and leverage exists in the business today.

歷史上，即使在顯著成長時期，資本支出也佔收入的 2.5% 至 4%。儘管我們透過一些設施整合提高了全球實驗室基礎設施的效率，但當今業務中仍存在相同的智慧財產權和影響力。

We believe evaluating a company's ability to generate free cash flow and free cash flow yield is an important metric for shareholders when comparing and projecting company's financial results, particularly for those shareholders who utilize discounted cash flow models to assess valuations.

我們認為，評估公司產生自由現金流的能力和自由現金流收益率是股東在比較和預測公司財務表現時的重要指標，特別是對於那些利用折現現金流模型評估估值的股東而言。

I will now turn it over to Gwen for an update on our guidance and outlook.

我現在將其轉交給格溫，以了解我們的指導和展望的最新情況。

Thank you, Chris. We maintain our constructive outlook on international upstream projects for 2024 and anticipate sustainable client activity growth in the years ahead to support rising crude oil demand and energy security concerns.

謝謝你，克里斯。我們維持對 2024 年國際上游項目的建設性展望，並預計未來幾年客戶活動可持續成長，以支持不斷增長的原油需求和能源安全擔憂。

Aligned with this, the company will continue to execute our strategic plan of technology investments and pursue growth opportunities. The IEA, the EIA, and OPEC projections continue to forecast growth in crude oil demand of 1 million and 2 million barrels per day for both 2024 and 2025. The projected growth in crude oil demand is in addition to the natural decline of production from existing fields. As such, continued investment in the development of onshore and offshore crude oil fields will be required to meet the projected growth in demand.

與此一致，公司將繼續執行我們的技術投資策略計劃並尋求成長機會。IEA、EIA 和 OPEC 預測繼續預測 2024 年和 2025 年原油需求將增加 100 萬桶/日和 200 萬桶/日。除了現有油田產量自然下降之外，原油需求預計還會成長。因此，需要繼續投資陸上和海上原油田的開發，以滿足預計的需求成長。

In the near term, crude oil markets will remain volatile due to global economic and geopolitical risks and uncertainties such as international projects activity continues to expand committed long term upstream projects from the Middle East, South Atlantic margin in certain areas of Asia Pacific and West Africa, support year-over-year growth in demand for Core Lab's proprietary services and products.

短期內，由於全球經濟和地緣政治風險和不確定性，例如國際項目活動繼續擴大、中東、南大西洋邊緣、亞太和西非某些地區已承諾的長期上游項目等，原油市場將保持波動。對Core Lab 專有服務和產品的需求逐年成長。

However, as the third quarter began demand in laboratory assay work was negatively impacted by military attacks on hydrocarbon refining infrastructure and the maritime transportation network in the Russia Ukraine region, along with the temporary closure of client facilities and ports in the Gulf of Mexico due to Hurricane Beryl. In addition, the company anticipates US onshore client activity will be sequentially lower. Consequently, we project reservoir description's third quarter 2024 revenues to modestly grow.

然而，隨著第三季的開始，實驗室分析工作的需求受到了對俄羅斯烏克蘭地區碳氫化合物煉製基礎設施和海上運輸網路的軍事襲擊的負面影響，以及墨西哥灣客戶設施和港口的暫時關閉。此外，該公司預計美國在岸客戶活動將持續下降。因此，我們預計 2024 年第三季的營收將小幅成長。

Turning to production enhancement, the US frac spread count continues to trend lower and the company anticipates a soft market for the remainder of the year. However, growth in demand for cores, international and offshore diagnostic services in energetics system product sales should offset declines in US onshore activity.

談到增產，美國壓裂價差數量持續呈下降趨勢，該公司預計今年剩餘時間市場將會疲軟。然而，能源系統產品銷售中對核心、國際和海上診斷服務的需求成長應該會抵消美國陸上活動的下降。

Reservoir descriptions, third quarter 2024 revenue is projected to range from $86.5 million to $89.5 million with operating income of $13.4 million to $14 million. Our production enhancement segment's third quarter revenue is estimated to range from $44.5 million to $47.5 million with operating income of $3.3 million to $4.9 million.

根據油藏描述，2024 年第三季營收預計為 8,650 萬美元至 8,950 萬美元，營業收入為 1,340 萬美元至 1,400 萬美元。我們的生產增強部門第三季營收預計為 4,450 萬美元至 4,750 萬美元，營業收入為 330 萬美元至 490 萬美元。

In summary, the company's third quarter 2024 revenue is projected to range from $131 million to $137 million with operating income of $16.9 million to $19.1 million, yielding operating margins of approximately 13%. EPS for the third quarter is expected to range from $0.23 to $0.27. The company's third quarter 2024 guidance is based on projections for underlying operations and excludes gains and losses in foreign exchange. Our third quarter guidance also assumes an effective tax rate of 20%.

總之，該公司 2024 年第三季的營收預計為 1.31 億美元至 1.37 億美元，營業收入為 1,690 萬美元至 1,910 萬美元，營業利潤率約為 13%。第三季每股收益預計為 0.23 美元至 0.27 美元。該公司 2024 年第三季的指引是基於對基本業務的預測，不包括外匯損益。我們的第三季指引也假設有效稅率為 20%。

With that, I'll pass the discussion back to Larry.

這樣，我會將討論轉回拉里。

Thanks, Gwen. First, I'd like to thank our global team of employees for providing innovative solutions, integrity, and superior service to our clients. The team's collective dedications to servicing our clients is the foundation of Core Lab's success.

謝謝，格溫。首先，我要感謝我們的全球員工團隊為我們的客戶提供創新的解決方案、誠信和優質的服務。團隊為客戶服務的集體奉獻精神是 Core Lab 成功的基礎。

Looking at the macro, as Gwen mentioned, IEA, EIA, and OPEC projections forecast growth in crude oil demand of between 1 million and 2 million barrels per day for both 2024 and 2025. This projected growth in demand is in addition to the production that needs to be brought online to account for the natural decline from existing fields. These forecasts continue to bode well for increasing demand for the Core Lab services and products that will be required to grow production.

從宏觀來看，如 Gwen 所提到的，IEA、EIA 和 OPEC 預測 2024 年和 2025 年原油需求將增加 100 萬至 200 萬桶/日。這項預期的需求成長不包括需要上線的生產，以應對現有油田的自然下降。這些預測繼續預示著對核心實驗室服務和產品的需求不斷增長，而這些服務和產品將需要增加產量。

As we look ahead, we see long-term improvement in the international rig count over the past 1.5 years as a harbinger of an improving landscape for reservoir description, a trend that we project will play out for the next several years, particularly in the Middle East, North and South America and most other regions. Production enhancement in addition to its exposure to the US land market also has expanding opportunities in international areas such as with unconventional plays in the Middle East and emerging onshore and offshore conventional plays in a number of regions.

展望未來，我們看到過去 1.5 年國際鑽機數量的長期增長，這是油藏描述改善的先兆，我們預計這一趨勢將在未來幾年內顯現出來，特別是在中東地區東美洲、北美洲、南美洲以及大多數其他地區。除了進入美國陸地市場外，產量的提高還在國際領域提供了擴大的機會，例如中東的非常規油氣田以及許多地區新興的陸上和海上常規油氣田。

Personal face-to-face visits with Middle East operators during the second quarter reinforced the continuing growth opportunities for both of Core's operating segments. Furthermore, Core Lab continues to expand its portfolio of innovative offerings for plug and abandonment programs in mature offshore basins around the globe as well as other products for well completion and remediation applications.

第二季度與中東營運商的個人面對面訪問增強了 Core 兩個營運部門的持續成長機會。此外，Core Lab 繼續擴大其創新產品組合，用於全球成熟海上盆地的堵塞和廢棄項目，以及用於完井和修復應用的其他產品。

Now let's review the second quarter performance of our two business segments. Turning first to reservoir description, for the second quarter of 2024, revenue came in at $86.3 million, up 2% compared to Q1 of 2024. Operating income for reservoir description, ex-items was $11.8 million and operating margins were 14%, flat compared to margins in Q1.

現在讓我們回顧一下我們兩個業務部門的第二季業績。首先來看水庫描述，2024 年第二季的營收為 8,630 萬美元，比 2024 年第一季成長 2%。水庫描述、稅前項目的營業收入為 1,180 萬美元，營業利潤率為 14%，與第一季的利潤率持平。

The segment is still feeling the negative impacts of ongoing international geopolitical conflicts in the Middle East and Russia, Ukraine. These conflicts are somewhat detracting from growth that is occurring across other regions.

該部門仍感受到中東以及俄羅斯、烏克蘭持續發生的國際地緣政治衝突的負面影響。這些衝突在一定程度上損害了其他地區的成長。

Now for some operational highlights from reservoir description. In the second quarter of 2024, Core Lab's Colombian operation was engaged by a leading independent E&P company to conduct a multi-well analytical program to evaluate the effectiveness of various enhanced oil recovery or EOR techniques under consideration for a mature oil fields. Due to this endeavor was the utilization of Core Lab's advanced geochemical technologies, which enable precise determination of fluid compositions and isotopic signatures across several reservoir zones.

現在我們來看看水庫描述中的一些操作亮點。2024 年第二季度，Core Lab 的哥倫比亞業務受一家領先的獨立勘探與生產公司委託開展多井分析項目，以評估成熟油田正在考慮的各種提高採收率或 EOR 技術的有效性。這項努力得益於核心實驗室先進的地球化學技術的利用，能夠精確測定多個儲層區域的流體成分和同位素特徵。

With these datasets, the operator was able to assess the viability of various reservoir fluid mixing strategies with the goal of achieving sweep efficiency across the oilfield. Moreover, Core Lab's rock properties, measurements and geological analysis also provided valuable insight into fluid flow behavior patterns that would occur in the subsurface during the EOR process.

利用這些資料集，操作員能夠評估各種油藏流體混合策略的可行性，以實現整個油田的波及效率。此外，核心實驗室的岩石特性、測量和地質分析也為 EOR 過程中地下發生的流體流動行為模式提供了寶貴的見解。

Following the laboratory program and the identification of the most effective use of our strategy, Core Lab's production enhancement team then deployed specialized chemical tracers into the injector wells to monitor the progress of the EOR field flood.

遵循實驗室計劃並確定最有效的策略使用方式，核心實驗室的增產團隊隨後將專門的化學示踪劑部署到注入井中，以監測 EOR 油田驅油的進展。

With meticulous tracer evaluation still ongoing, Core's team is continuing to assess inter-well fluid displacement vectors and sweep efficiencies while also identifying unswept areas of the field and potential barriers to flow. All of which are important factors in optimizing hydrocarbon recovery and extracting that all important incremental barrel from existing fields.

由於細緻的示蹤劑評估仍在進行中，Core 團隊正在繼續評估井間流體驅替向量和波及效率，同時也確定油田未波及的區域和潛在的流動障礙。所有這些都是優化碳氫化合物採收率和從現有油田提取所有重要增量桶的重要因素。

Moving now to production enhancement, where Core Lab technologies continue to help our clients optimize their well completions and improve production. Revenue for production enhancement came in at $44.3 million, down slightly compared to Q1. However, operating income ex-items was $4.5 million, up from $3.4 million in Q1 and operating margins were 10% for the second quarter of 2024, up 260 basis points from Q1 and reflective of implemented cost controls and improved efficiencies.

現在轉向產量增強，核心實驗室技術繼續幫助我們的客戶優化完井並提高產量。增產收入為 4,430 萬美元，較第一季略有下降。然而，2024 年第二季的稅前營業收入為450 萬美元，高於第一季的340 萬美元，營業利潤率為10%，較第一季上升260 個基點，反映了成本控制的實施和效率的提高。

Second quarter performance was supported by continuing demand for completion diagnostics, along with a rebound in US product sales. Quarter-over-quarter, we saw somewhat lower international product sales, along with some softness in completion activity in the US land market in the back half of the quarter.

第二季的業績得益於完井診斷的持續需求以及美國產品銷售的反彈。與上一季相比，我們看到國際產品銷售下降，同時本季後半段美國土地市場的完工活動也有所疲軟。

Now for some operational highlights from production enhancements. An operator in the US land shale play teamed up with Core's completions expert to improve cluster efficiencies and well performance. The operator wanted to deploy an oriented perforating system with the goal of preferentially aligning perforating guns and energetic charges with natural betting planes in the strata.

現在我們來看看生產增強帶來的一些營運亮點。美國陸頁岩油田的一家營運商與 Core 的完井專家合作，提高集群效率和油井性能。操作員希望部署定向射孔系統，目標是優先將射孔槍和高能量裝藥與地層中的自然打孔平面對齊。

However, using standard non customized commodity energetics for these applications would yield unequal hole size, which in turn would produce inconsistent proppant placement and stimulation. To address this problem, Core's ballistic engineers developed a new family of energetics for unconventional oriented plug-and-perf completions.

然而，在這些應用中使用標準的非定製商品能量學會產生不相等的孔尺寸，進而產生不一致的支撐劑放置和增產。為了解決這個問題，Core 的彈道工程師開發了一系列新的能量學，用於非常規導向的即插即用完井。

Core's new HERO oriented FRAC technology reduces whole size variation and maximizes cluster efficiency by using a proprietary ballistic innovation for oriented perforating gun applications. By specifying Core Lab's HERO Oriented FRAC technology for their wells, the operator was able to improve cluster efficiencies, increased stimulated reservoir volume, reduced frac cost and increased well productivity.

Core 的新型 HERO 導向 FRAC 技術透過使用定向射孔槍應用的專有彈道創新技術，減少了整體尺寸變化並最大限度地提高了群集效率。透過為其油井指定 Core Lab 的 HERO Oriented FRAC 技術，營運商能夠提高集群效率、增加增產儲層體積、降低壓裂成本並提高油井產能。

Aalso in the second quarter of 2024, an operator in the Gulf of Mexico employed Core's completion diagnostic technologies to assess a frac pack. Core technologies revealed effective frac pack coverage over the targeted interval with no significant voids in the annular pack across the sand control screen.

此外，2024 年第二季度，墨西哥灣的一家營運商採用 Core 的完井診斷技術來評估壓裂包。核心技術揭示了目標層段內壓裂填充物的有效覆蓋，防砂篩管上的環形填充物沒有明顯的空隙。

In addition, an ample profit reserve was set above the screen. When reversing out the excess profit slurry, a larger than expected volume of co-mingled natural gas was detected a thorough examination of the PackScan log by Core's engineering staff revealed that the unexpected gas quantity was produced from the lower portion of the annular pack.

此外，螢幕上方還設置了豐厚的利潤儲備。當反轉超額利潤泥漿時，檢測到比預期數量更多的混合天然氣，Core 工程人員對 PackScan 日誌進行徹底檢查後發現，意外的氣體量是從環形充裝袋的下部產生的。

Identification of this interval of high gas production is assisting the operator and calibrating their reservoir model. The results will also help optimize future completion designs in the stratigraphic horizon.

識別此高產氣區間有助於操作員並校準其儲層模型。研究結果也將有助於優化未來地層層面的完井設計。

That concludes our operational review. We appreciate your participation. And Chris will now open the call for questions.

我們的營運審查到此結束。我們感謝您的參與。克里斯現在將開始提問。

(Operator Instructions) John Daniel, Daniel Energy Partners.

（操作員說明）John Daniel，Daniel Energy Partners。

Thank you for including me. Good job on the free cash flow.

謝謝你把我包括在內。自由現金流方面做得很好。

Thank you.

謝謝。

Larry, I've got a sort of dumb product question for you. I was interested in what in the press release comment about the emulsion treatment plant that example where you're working with NOCs on sort of identifying problematic wells with the water, if you will. Could you elaborate on that? And is that something given all the water that is here here in the US, lower 48? Is that an opportunity set that's being marketed here?

拉里，我有一個愚蠢的產品問題要問你。我對新聞稿中有關乳化液處理廠的評論感興趣，例如您正在與國家石油公司合作，以識別有問題的水井（如果您願意的話）。能詳細說明一下嗎？考慮到美國這裡的所有水（低於 48），這就是東西嗎？這是在這裡推銷的機會嗎？

Yeah. I mean, emulsions are, I'll call it, oil specific is probably the best way to put it up. There's always water that occurs in association with oil production referred to as the water cut and that oil -- that water is either easily separated out, disassociate from the oil separator. It's one of the functions that separators do, separate water from oil and gas, from from liquids.

是的。我的意思是，乳液，我稱之為，油專用可能是最好的方法。石油生產過程中總是會產生水，稱為含水量，而油－水很容易從油分離器中分離出來。這是分離器的功能之一，將水從石油、天然氣、液體中分離出來。

But in some cases, the composition of the oil and the water chemistry lead to emulsion. So you've got discrete droplets where that you can consider the water is kind of trapped in droplets in the oil. And so in this particular case, where they've had multiple wells flowing and together, they needed to find out where that emulsion was coming from because it has implications for production and transportation and eventual processing of the oil.

但在某些情況下，油的成分和水的化學性質會導致乳化。因此，您會得到離散的水滴，您可以認為水被困在油中的水滴中。因此，在這種特殊情況下，他們有多口油井同時流動，他們需要找出乳液的來源，因為它對石油的生產、運輸和最終加工產生影響。

So we do that type of analysis wherever there are emotions present for clients. And that could also generate or expand into midstream and downstream applications as well as understanding the nature of the physical interaction of water and oil and what are the things that are causing that.

因此，只要客戶有情緒，我們就會進行此類分析。這還可以產生或擴展到中游和下游應用，以及了解水和油物理相互作用的本質以及導致這種相互作用的原因。

So the answer to your question is yes, wherever there are multiple problems and if they're occurring in the US land market, we'll address it there. The scale of this particular project has big implications for what kind of treatment plants the clients going to have to develop. And so a high impact on the bottom line of the client if we can sort out a way to minimize that trapped water in the emulsions.

所以你的問題的答案是肯定的，只要存在多種問題，並且如果這些問題發生在美國土地市場，我們就會在那裡解決。這個特定專案的規模對於客戶必須開發什麼樣的處理廠具有重大影響力。因此，如果我們能夠找到一種方法來最大限度地減少乳液中殘留的水，那麼將對客戶的利潤產生很大的影響。

Okay, got it. And then I think we're all excited about international in the press release again, you guys called out the personal face-to-face meetings. It might be -- it's not meant to be a softball question, but it probably will come across that way. But did you -- when you walked away from those meetings, how was that -- was it reaffirming or made you feel even better. Does that make any sense? Just if you could elaborate on what they're telling you over the next several years?

好的，明白了。然後我想我們都對新聞稿中的國際活動再次感到興奮，你們召集了個人面對面會議。這可能不是壘球問題，但可能會以這種方式出現。但是，當你離開那些會議時，感覺如何——它是否讓你感覺更好？這有什麼意義嗎？您能詳細說明一下他們在未來幾年會告訴您什麼嗎？

Sure. So I'd say at a minimum, reaffirming and in some cases, inspirational to accelerate some capital investment and some expansion of operations. So came out with both of those in no instances, did we walk away thinking that we were going to see a downward trend from any of the clients. And we went through five different countries.

當然。因此，我至少要重申，並在某些情況下，鼓勵加速一些資本投資和業務擴張。因此，在任何情況下都沒有出現這兩種情況，我們是否認為我們會看到任何客戶的下降趨勢。我們經歷了五個不同的國家。

And Chris actually came along with me on this trip. We went through various operators, talk to NOCs. We talk to IOCs and in some cases are seconded to the NOCs staff where they're working on big projects, all had a very up into the right attitude, some with a, I won't call hyperbolic, but up with an inspiring slope on expectations for work.

克里斯實際上和我一起參加了這次旅行。我們與不同的營運商進行了交流，並與國家奧委會進行了交談。我們與國際奧委會交談，在某些情況下，我們被借調到國家奧委會工作人員那裡，他們正在從事大型項目，所有人都抱有正確的態度，有些人有一種，我不會稱之為雙曲線，但具有鼓舞人心的坡度關於對工作的期望。

The only thing I would say is the flow of committed work is still not meeting what we would anticipate the pace to be for some of these projects. We know in many cases Core is out of the ground. They're rolling through some internal review and we are anxiously awaiting them to pass on those Core's to us because it's revenue waiting for us to, I'll call it, harvest out of a committed project work. So still up and to the right, we can go faster if the opportunity presents itself and if that happens, we'll see our revenue and profit click up nicely.

我唯一要說的是，承諾的工作流程仍然沒有達到我們對其中一些專案的預期進度。我們知道，在很多情況下，核心是在地下的。他們正在進行一些內部審查，我們焦急地等待他們將這些核心傳遞給我們，因為等待我們的收入，我稱之為，從承諾的專案工作中收穫。因此，仍然向上且向右，如果機會出現，我們可以走得更快，如果發生這種情況，我們將看到我們的收入和利潤大幅增加。

Right. Okay. Thank you very much.

正確的。好的。非常感謝。

Yeah, thank you for your call.

是的，謝謝你的來電。

(Operator Instructions) Stephen Gengaro, Stifel.

（操作員說明）Stephen Gengaro，Stifel。

Thank you. Good morning. Good morning, Everbright.

謝謝。早安.早上好，光大。

Morning.

早晨。

I guess two for me. One kind of at a high level, one of the things that's been a little surprising to us has just been the lack of a recovery in US land right now, obviously, there's efficiency gains, et cetera. When you guys think about sort of 2025, what do you think needs to happen to get at least some positive momentum in US activity?

我猜對我來說有兩個。在高水準上，讓我們有點驚訝的事情之一就是美國土地目前缺乏復甦，顯然，效率有所提高，等等。當你們想到 2025 年時，你們認為需要發生什麼才能讓美國經濟活動至少獲得一些正面的動力？

Well, I think one thing that would help a lot would be firmer natural gas prices. I think that's put a weight on completion activity drilling and completion activity in the US. So I think that's an underlying call foundational to activity levels in the US.

嗯，我認為有很大幫助的一件事是天然氣價格更加堅挺。我認為這給美國的完井活動、鑽探和完井活動帶來了壓力。因此，我認為這是美國經濟活動水準的潛在訊號。

And so if there are, I'll call it altered views of the role that exporting natural gas might play. I think that would also be supportive of an increasing activity for natural gas drilling and completion. And then I think one of the things, Steve, that needs to be looked at here is look, and this is looking back over nearly four decades, and I cringe when I say that nearly four decades of experience here.

因此，如果有的話，我將稱之為對天然氣出口可能發揮的作用的看法的改變。我認為這也將支持天然氣鑽探和完井活動的增加。然後我認為，史蒂夫，這裡需要關注的一件事是外觀，這是回顧近四十年的情況，當我說近四十年的經歷時，我感到畏縮。

Whenever there are consolidation in the market, inevitably, even the best case scenarios, there's always a period of what I would call it, a reorganization and realignment of operations. I think the consolidations that have occurred are in the process of occurring in the US all bode well for Core Lab. We see that the acquiring companies tend to be heavy users of science. And we think that, that's a great thing for us.

每當市場出現整合時，即使是最好的情況，也不可避免地會出現一段我稱之為業務重組和重新調整的時期。我認為美國正在發生的整合對 Core Lab 來說都是好兆頭。我們發現收購公司往往是科學的重度使用者。我們認為，這對我們來說是一件很棒的事。

People that are willing to be make data-driven decisions, whether it's on the evaluation of the rocks and fluids or on how they complete their wells. So I think that plays out well for us. But I do think that there is a little bit of an overhang of sort of a consolidation effect that will work its way out over the next two, three, four quarters, some companies all faster than other companies.

人們願意做出數據驅動的決策，無論是評估岩石和流體或如何完井。所以我認為這對我們來說效果很好。但我確實認為，存在一些整合效應，這種效應將在接下來的兩個、三個、四個季度中發揮作用，有些公司的速度都比其他公司快。

Great. Thank you. And other question, one of the things we're trying to get our arms around better is when we think about drilling and completion efficiency and kind of who benefits and who kind of gets hurt just because there's less wells being drilled or less wells being completed.

偉大的。謝謝。還有另一個問題，我們試圖更好地解決的一件事是，當我們考慮鑽井和完井效率時，以及僅僅因為鑽探的井數減少或完成的井數減少，誰受益，誰受到傷害。

So when we think about your production enhancement division, I know that the the perforating gun business has been kind of evolving over the last several years for many reasons. But when you think about that business, what parts of it do you think you bring incremental value and really benefit from the strive for efficiency and more efficient operations? And is there any part that it actually hurts you?

因此，當我們想到你們的生產增強部門時，我知道射孔槍業務在過去幾年中由於多種原因而不斷發展。但是，當您考慮該業務時，您認為它的哪些部分可以帶來增量價值並真正從追求效率和更有效率的營運中受益？有沒有哪個部分確實傷害了你？

So I think let's -- first thing for Core Lab, let's delink the connection with Core Lab in large measure from the drilling activity as it relates to production enhancement, right. We really don't have a revenue opportunity during the drilling of an oil well. So the rig count in North America, short-term perturbations, and that aren't going to really impact our Core Lab. The completion side, that's where we have our revenue opportunities and production enhancement.

所以我認為，對於核心實驗室來說，首先，我們要在很大程度上將與核心實驗室的連結與鑽井活動脫鉤，因為它與提高產量有關，對吧。在鑽油井期間我們確實沒有收入機會。因此，北美的鑽機數量、短期擾動不會真正影響我們的核心實驗室。完成方面，這就是我們的收入機會和產量提高的地方。

So with longer laterals and more complex completions that I think feeds into the idea that there's still going to need plenty of perforating systems, energetic systems to complete those longer laterals. And I think on the diagnostics side, important concept there is as wells get more complicated U-shaped geometries and simul-frac to trauml-frac to quads every time clients trying new technology they need to establish.

因此，隨著更長的支管和更複雜的完井，我認為仍然需要大量的射孔系統和能量系統來完成這些更長的支管。我認為在診斷方面，重要的概念是，每次客戶嘗試他們需要建立的新技術時，都會得到更複雜的 U 形幾何形狀和同時壓裂到創傷壓裂到四邊形壓裂。

Did I complete this now, third, fourth, maybe some indications of folks looking at a fifth mile. Did they get the stimulation -- the completion and stimulation effect that they wanted and that's where our diagnostics come in.

我現在完成了嗎，第三，第四，也許有人在看第五哩。他們是否得到了刺激——他們想要的完成和刺激效果，這就是我們的診斷的用武之地。

So I think from what if you -- and I have talked about this a little bit in previous calls, the frac spread maybe becoming a little less relevant for us as a bogey of what activities like if the wells are getting longer and the more complex, they'll still be consuming energetic systems for perforation. And the more complex, the wells the better for us right now because they've got to unravel, are they getting what they wanted from that extra horsepower or the larger frac jobs they're doing now.

所以我認為，如果你——我在之前的電話會議中已經談到過這一點，那麼壓裂價差對我們來說可能會變得不那麼重要，因為如果井變得越來越長、越來越複雜，那麼壓裂價差可能會成為一些活動的忌諱，他們仍然會消耗能量系統來穿孔。越複雜的井現在對我們越好，因為它們必須解開，他們是否從額外的馬力或他們現在正在進行的更大的壓裂作業中獲得他們想要的東西。

The only other thing I would add, Stephen, just to give a full picture is if the trends are either more shots or less shots per foot, that would obviously have an impact on the product side.

史蒂芬，我要補充的唯一一件事是，為了全面了解趨勢，如果趨勢是每英尺更多的射門或更少的射門，這顯然會對產品方面產生影響。

Yes. Charge sales specifically, right.

是的。專門收取銷售費用，對吧。

No, that makes sense. And I appreciate the color, gentlemen.

不，這是有道理的。先生們，我很欣賞這種顏色。

Okay. Thank you, Steve.

好的。謝謝你，史蒂夫。

Thanks, Stephen.

謝謝，史蒂芬。

At this time, there are no further questioners in the queue. And this does conclude our question-and-answer session. I would now like to turn the conference back over to Larry Bruno for any closing remarks.

此時，隊列中已經沒有其他提問者了。我們的問答環節到此結束。現在我想將會議轉回拉里·布魯諾（Larry Bruno）發表閉幕詞。

Okay. We'll wrap up here. In summary, Core's operational leadership continues to position the company for improving client activity levels for 2024 and beyond. We have never been better operationally or technologically positioned to help our global client base, optimize their reservoirs and to address their evolving needs. We remain uniquely focused and are the most technologically advanced client-focused reservoir optimization company in the oilfield service sector.

好的。我們就到這裡結束吧。總之，Core 的營運領導力繼續使公司能夠在 2024 年及以後提高客戶活動水平。我們在營運或技術上從未有過更好的定位來幫助我們的全球客戶群、優化他們的油藏並滿足他們不斷變化的需求。我們始終保持獨特的專注，是油田服務領域技術最先進、以客戶為中心的油藏優化公司。

The company will remain focused on maximizing free cash and returns on invested capital. in addition to our quarterly dividends will bring value to our shareholders via growth opportunities, driven by both the introduction of problem-solving technologies and new market penetration. In the near term Core will continue to use free cash to strengthen this balance sheet while also investing in growth opportunities.

該公司將繼續專注於最大化自由現金和投資資本回報。除了季度股息之外，我們還將透過引入解決問題的技術和新的市場滲透推動的成長機會為我們的股東帶來價值。短期內，Core 將繼續使用自由現金來強化資產負債表，同時投資於成長機會。

So in closing, we thank and appreciate all of our shareholders and the analysts that cover Core Lab. The executive management team and the Board of Core Laboratories give a special thanks to our worldwide employees that have made these results possible. We're proud to be associated with their continuing achievements. So thanks for spending time with us, and we look forward to our next update. Goodbye for now.

最後，我們感謝並感謝所有股東以及核心實驗室的分析師。執行管理團隊和核心實驗室董事會特別感謝我們的全球員工，是他們讓這些成果成為可能。我們很自豪能夠與他們不斷取得的成就聯繫在一起。感謝您花時間與我們在一起，我們期待下一次更新。暫時再見了。

The conference has now concluded. Thank you. For attending today's presentation and you may now disconnect.

會議現已結束。謝謝。為了參加今天的演示，您現在可以斷開連接。