Core Laboratories Inc. (CLB) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Core Laboratories first-quarter 2026 earnings call. (Operator Instructions). Please note, this event is being recorded. I would now like to turn the conference over to Larry Bruno, Chairman and CEO. Please go ahead.

早安，歡迎參加 Core Laboratories 2026 年第一季財報電話會議。（接線員指示）。請注意，本活動將被錄音。現在我想把會議交給董事長兼執行長 Larry Bruno。請開始。

Thanks, Valentina. 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 first-quarter 2026 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.

謝謝你，Valentina。美洲的各位早安，歐洲、非洲與中東的各位午安，亞太地區的各位晚安。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 2026 年第一季財報電話會議。今天早上與我一同出席的有 Core 財務長 Chris Hill，以及 Core 資深副總裁兼投資人關係主管 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 Q1 performance. In addition, we'll review Core's strategies and the three financial tenets that Core Lab employs to build long-term shareholder value. Chris will then give a detailed financial overview and have additional comments regarding shareholder value.

本次電話會議將分為六個部分。Gwen 將先就前瞻性陳述發表說明。接著我們會進行一些開場評論，包括高層次回顧影響 Core 第一季表現的重要因素。此外，我們也將檢視 Core 的策略，以及 Core Lab 用以建立長期股東價值的三項財務信條。之後 Chris 將提供詳細的財務概覽，並就股東價值提出補充評論。

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 technologies as well as highlighting some of Core's operations, recent client interactions, and major projects worldwide. Then we'll open the phones for a Q&A session.

在 Chris 之後，Gwen 將就公司展望與指引提供一些評論。接著我將回顧 Core 的兩大營運部門，說明我們的進展，並討論 Core Lab 技術持續成功的導入與部署，同時也會重點介紹 Core 的部分營運情況、近期客戶互動，以及全球主要專案。然後我們將開放電話進行問答。

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

我現在把電話交給 Gwen，請她就前瞻性陳述發表說明。

Before we start the conference this morning, I'll mention that some of the 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. 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.

在今天早上的會議開始之前，我先提到，我們在本次電話會議中所做的部分陳述可能包含預測、估計及其他前瞻性資訊，其中也包括任何關於公司業務展望的討論。此類前瞻性陳述受到多項風險與不確定性影響，可能導致實際結果與我們的前瞻性陳述出現重大差異。這些風險與不確定性已在我們最近一期的 Form 10-K 年報，以及我們向美國證券交易委員會（SEC）提交的其他報告與註冊聲明中加以說明。

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Our comments also include non-GAAP financial measures. Reconciliation to the most directly comparable GAAP financial measures is included in the press release announcing our first-quarter results. Those non-GAAP measures can also be found on our website.

我們不承擔公開更新或修訂任何前瞻性陳述的義務，無論係因新資訊、未來事件或其他原因。我們的評論亦包含非 GAAP 財務衡量指標。與最直接可比的 GAAP 財務衡量指標之調節表，已包含於公布第一季業績的新聞稿中。這些非 GAAP 指標也可在我們的網站上查閱。

With that, I'll turn it back to Larry.

接下來我把電話交回給 Larry。

Thanks, Gwen. Moving now to some high-level comments about our first quarter. The military conflict in the Middle East introduced geopolitical uncertainties that created meaningful disruptions across the Middle East countries in which we operate. As the company announced on March 23, the conflict closed many client offices and resulted in project delays. In addition, the suspension of maritime hydrocarbon transportation from the Middle East region forced operators to halt hydrocarbon production.

謝謝你，Gwen。現在談一些關於第一季的高層次評論。中東的軍事衝突帶來地緣政治不確定性，對我們營運所在的多個中東國家造成顯著干擾。如公司於 3 月 23 日所宣布，衝突導致許多客戶辦公室關閉並造成專案延宕。此外，中東地區海運碳氫化合物運輸的暫停，迫使營運商停止碳氫化合物生產。

For Core Lab, the disruption to hydrocarbon transportation routes extends beyond the Middle East region and into the company's global assay laboratory network that services the market for the maritime transportation and trading of crude oil, natural gas, and refined products. The biggest impact of the conflict have been on Reservoir Description and the service side of Production Enhancement due to their roles in actively supporting reservoir rock and fluid characterization studies, completion diagnostic programs, and hydrocarbon assay work all of which require predictable client activity levels and field access for sample acquisition.

對 Core Lab 而言，碳氫化合物運輸路線的中斷不僅限於中東地區，也波及公司全球的分析（assay）實驗室網絡；該網絡服務於原油、天然氣與成品油的海運運輸與交易市場。衝突對「儲層描述（Reservoir Description）」以及「生產增進（Production Enhancement）」的服務端影響最大，因其角色在於積極支援儲層岩石與流體特性研究、完井診斷計畫，以及碳氫化合物分析工作；上述工作皆需要可預期的客戶活動水準與現場取樣的進入權限。

To date, Production Enhancements, completion products have been comparatively less affected by the Middle East conflict although shipments of energetic products into the region were delayed or temporarily suspended.

截至目前，「生產增進」中的完井產品相對較不受中東衝突影響，儘管運往該地區的能量材料（energetic）產品出貨曾延遲或短暫暫停。

As a result of these factors, Core lowered its forecast for the first quarter of 2026 revenue and earnings compared to the guidance we provided in our earnings call on February 4. The situation remains volatile and unpredictable shifts in the conflict will affect our operations.

基於上述因素，Core 相較於我們在 2 月 4 日財報電話會議所提供的指引，下調了 2026 年第一季的營收與獲利預測。情勢仍然動盪，且衝突的不可預測變化將影響我們的營運。

Other factors also impacted the first quarter. Demand for assay services was also negatively impacted by the ongoing geopolitical conflict in Russia, Ukraine. Attacks on hydrocarbon transportation and refining infrastructure, along with evolving western sanctions continue to create demand uncertainties and operational inefficiencies.

其他因素也影響了第一季。由於俄烏之間持續的地緣政治衝突，對分析（assay）服務的需求亦受到負面影響。對碳氫化合物運輸與煉製基礎設施的攻擊，加上西方制裁的演變，持續造成需求不確定性與營運效率降低。

Early in 2026, severe cold weather in North America affected onshore client completion activities and resulted in the temporary closure of Core Lab's manufacturing facilities. Additionally, adverse weather in the Mediterranean Sea related to Storm Harry temporarily suspended the demand for lab services across several countries and caused significant damage to one of the company's facilities creating further revenue and margin headwinds for the quarter. We are still in the progress of restoring service at the damage location.

2026 年初，北美嚴寒天氣影響陸上客戶的完井活動，並導致 Core Lab 製造設施暫時關閉。此外，地中海因「哈利風暴（Storm Harry）」引發的惡劣天候，曾使多國的實驗室服務需求短暫中止，並對公司其中一處設施造成重大損害，進一步為本季帶來營收與毛利率的逆風。我們仍在進行受損地點的服務復原工作。

Looking at Reservoir Description, first quarter revenue was down 11% from Q4 of 2025 and flat compared to Q1 of last year. First-quarter operating margins in Reservoir Description ex items were 6%, down sequentially by nearly 800 basis points and margins also down year over year. Despite the multiple factors impacting Core Lab's first quarter results, the company maintained its focus on creating new technology offerings, maximizing operating efficiency, and on leveraging its global network to continue to support Core's clients.

就「儲層描述」而言，第一季營收較 2025 年第四季下降 11%，與去年第一季相比持平。第一季「儲層描述」的營業利益率（不含特定項目）為 6%，較前一季下降近 800 個基點，且年對年亦下滑。儘管多項因素影響 Core Lab 第一季業績，公司仍維持聚焦於開發新技術產品、最大化營運效率，並運用全球網絡持續支援 Core 的客戶。

In Production Enhancement, first-quarter revenue was down 13% compared to Q4 of 2025. Ex items, first quarter 2026 operating margins and production enhancement were 5%, down from 7% in Q4 of 2025. Sequential margins were impacted by the Middle East conflict, which delayed certain energetic shipments to the region and halted completion diagnostic field programs.

在「生產增進」方面，第一季營收較 2025 年第四季下降 13%。不含特定項目，2026 年第一季「生產增進」營業利益率為 5%，低於 2025 年第四季的 7%。序列性（季對季）毛利率受到中東衝突影響，該衝突延遲了部分運往該地區的能量材料出貨，並使完井診斷的現場計畫停擺。

Soft sequential US land activity, amplified by severe cold weather in North America, also reduced US completion activity and resulted in the temporary closure of Core's manufacturing facilities. These headwinds were partially offset by strong demand for Core's proprietary completion diagnostic services across both onshore and offshore markets outside of the Middle East.

美國陸上活動季對季走弱，加上北美嚴寒天氣的放大效應，也降低了美國完井活動，並導致 Core 的製造設施暫時關閉。上述逆風部分被中東以外地區（涵蓋陸上與離岸市場）對 Core 專有完井診斷服務的強勁需求所抵銷。

The company continued its long-standing commitment to shareholder returns during the quarter, returning free cash to our shareholders through our quarterly dividend and by repurchasing more than 51,000 shares of company stock, representing a value of $900,000. Q1 marked the sixth consecutive quarter of share buybacks. Core intends to continue to use free cash to fund our quarterly dividend, pursue growth opportunities, and improve shareholder value through opportunistic share repurchases.

本季公司延續長期對股東回饋的承諾，透過季度股利以及回購超過 51,000 股公司股票（價值 90 萬美元）將自由現金返還給股東。第一季為連續第六季進行庫藏股回購。Core 計畫持續運用自由現金來支付季度股利、追求成長機會，並透過機會性回購提升股東價值。

Looking ahead now to the mid and longer term. Core Lab has persevered through previous conflicts in the Middle East. The company and its dedicated employees remain committed to serving our long-standing clients throughout this vital region. Despite near-term headwinds, Core Lab's global operations, asset-light business model, and diversified technology portfolio continue to position the company for long-term success.

展望中期與長期。Core Lab 曾在過去的中東衝突中堅持走過來。公司與敬業的員工仍致力於在這個關鍵地區服務我們長期合作的客戶。儘管短期面臨逆風，Core Lab 的全球營運、輕資產商業模式，以及多元化技術組合，仍持續使公司具備長期成功的有利定位。

For 90 years, Core Lab's resilience, technical leadership, and unwavering client focus has enabled the company to deliver differentiated, scientific, and technological solutions that help its clients derisk their operational decisions. Core strengths, together with disciplined capital deployment, continued free cash flow generation and the company's commitment to returning excess capital to its owners will drive long-term value creation for the company's shareholders.

90 年來，Core Lab 的韌性、技術領導力與對客戶的堅定聚焦，使公司得以提供具差異化的科學與技術解決方案，協助客戶降低其營運決策風險。Core 的優勢，加上嚴謹的資本配置、持續的自由現金流產生能力，以及公司將超額資本返還給所有人的承諾，將推動公司股東的長期價值創造。

As we move 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 commitments to returning excess free cash to our shareholders and strengthening the company's balance sheet.

展望未來，Core 將持續執行其關鍵策略目標，包括：第一，在關鍵地理市場推出新的產品與服務；第二，維持精實且聚焦的組織；第三，維持將超額自由現金返還給股東的承諾，並強化公司的資產負債表。

The interest of our shareholders, clients, and employees will always be well served by Core Lab's resilient culture, which emphasizes innovation and the application of technology to derisk client decisions along with dedicated customer service. I'll talk more about some of our latest innovations in the operational review section of this call.

Core Lab 強韌的企業文化始終能良好地服務我們的股東、客戶與員工；該文化強調創新與運用科技以降低客戶決策風險，並提供專注的客戶服務。我將在本次電話會議的營運回顧部分，進一步談到我們最新的一些創新。

Now to review Core Lab's financial tenants that have guided the company's shareholder value creation through our more than 31-year history as a publicly traded company. We will continue to pursue growth opportunities. The company will remain focused on its three long-standing financial tenets, those being to maximize free cash flow, maximize return on invested capital, and returning excess free cash to our shareholders.

接下來回顧 Core Lab 的財務信條；這些信條在公司作為上市公司超過 31 年的歷史中，一直引導著股東價值的創造。我們將持續追求成長機會。公司仍將聚焦於三項長期財務信條：最大化自由現金流、最大化投入資本報酬率（ROIC），以及將超額自由現金返還給股東。

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

我現在把電話交給 Chris，請他進行詳細的財務回顧。

Thanks, Larry. Before we review the financial performance for the quarter, the guidance we gave on our last call and past calls excluded the impact of any FX gains or losses and assumed an effective tax rate of 25%. So accordingly, our discussion today excludes any foreign exchange gain or loss for current and prior periods.

謝謝你，Larry。在我們回顧本季的財務表現之前，我們在上一次電話會議以及過去幾次電話會議中所提供的指引，均排除了任何外匯（FX）損益的影響，並假設有效稅率為25%。因此，我們今天的討論將排除本期及前期的任何外匯損益。

Additionally, the financial results for the first quarter of 2026 includes a charge of $3.7 million for noncash stock compensation expense associated with the future vesting of performance shares for certain employees who have reached eligible retirement age.

此外，2026年第一季的財務結果包含一筆370萬美元的費用，為非現金的股票薪酬費用，與部分已達符合退休資格年齡之員工未來績效股的歸屬（vesting）相關。

We also recorded $600,000 of additional costs associated with exiting certain facilities as we continue to optimize our global footprint. The comparison periods for the first and fourth quarter of 2025 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 the discussion of the financial results today. You can find a summary of those items in the tables attached to our press release for the first quarter of 2026.

我們也認列了60萬美元的額外成本，與退出部分設施相關，因為我們持續優化全球據點布局。2025年第一季與第四季的比較期間亦包含在當時電話會議中討論、並在該等期間的財報新聞稿中強調的項目。這些項目也已自我們今天對財務結果的討論中排除。您可在我們2026年第一季新聞稿所附表格中找到這些項目的摘要。

Now looking at the income statement. Revenue was $121.8 million in the first quarter, down 12% compared to the prior quarter and down 1% year over year. Core Lab will typically experience a seasonal decline in revenue from the fourth quarter to the first quarter of each year. However, as Larry mentioned, in the first quarter of 2026 was also negatively impacted by the escalation of the conflict in the Middle East along with severe weather events in North America and Europe.

現在來看損益表。第一季營收為1.218億美元，較前一季下降12%，年減1%。Core Lab通常每年第四季到第一季會出現季節性營收下滑。然而，如Larry所提，2026年第一季亦受到中東衝突升級，以及北美與歐洲嚴重天候事件的負面影響。

Of this revenue, service revenue, which is more international, was $94.3 million for the quarter, down 12% sequentially and 1% year over year. Our service revenue associated with crude assay services and regional studies continue to be impacted by the geopolitical conflicts in Russia, Ukraine, but particularly in the Middle East this quarter.

在上述營收中，較偏國際的服務營收本季為9,430萬美元，較前一季下降12%，年減1%。我們與原油分析（crude assay）服務及區域研究相關的服務營收，持續受到俄烏地緣政治衝突影響，但本季尤其受到中東局勢影響。

Additionally, severe weather across North America, Europe, and the Mediterranean region negatively impacted certain laboratory operations and disrupted client activity this quarter. Offsetting some of the decline this quarter, we continue to see increased demand for our well-completion diagnostic services, particularly in the Gulf of Mexico.

此外，北美、歐洲及地中海地區的嚴重天候對部分實驗室營運造成負面影響，並干擾本季客戶活動。為抵銷本季部分下滑，我們持續看到完井診斷服務需求增加，尤其是在墨西哥灣地區。

Product sales, which are more equally tied to North America and international activity were $27.5 million for the quarter and were down 12% from last quarter and down 3% year over year. Our international product sales are typically larger bulk orders and can vary from one quarter to another and were down sequentially in the first quarter of 2026. The decrease in product sales this quarter when compared to the fourth quarter of 2025 was partially offset by a higher level of product sales in the US.

產品銷售方面，其與北美及國際活動的關聯較為平均，本季為2,750萬美元，較上季下降12%，年減3%。我們的國際產品銷售通常為較大宗的批量訂單，可能因季度而異，且在2026年第一季呈現季減。相較於2025年第四季，本季產品銷售的下降部分被美國較高水準的產品銷售所抵銷。

Moving on to cost of services, ex items for the quarter was 81% of service revenue, which increased from 75% in the prior quarter and 77% last year. The sequential increase was primarily caused by the conflict in the Middle East, which resulted in a sharp decrease in revenue as the -- and our clients were forced to suspend operations.

接著看服務成本，排除特定項目後，本季服務成本占服務營收的81%，高於前一季的75%及去年同期的77%。季增主要是由中東衝突所致，該衝突導致營收急遽下降，因為——以及我們的客戶被迫暫停營運。

As discussed in our previous calls, the service side of our business has been more impacted by the geopolitical conflicts and expanded sanctions, the volatility in crude oil prices and more recently, the geopolitical conflict in the Middle East caused disruptions to both our operations in the region and demand for crude assay services tied to the trading and maritime movement of crude oil and derived products.

如我們在先前電話會議中所討論，我們業務中的服務端受到地緣政治衝突與擴大制裁、原油價格波動的影響更大；而近期中東地緣政治衝突更造成區域內我們的營運中斷，並影響與原油交易及海運移動（含原油及其衍生產品）相關的原油分析服務需求。

The company will continue to manage its cost structure as effectively as we can through these temporary disruptions in certain regions. Cost of sales ex items in the first quarter was 94% of revenue, which is relatively flat compared to last quarter and was 91% last year. The company continues to face challenges with increased costs for raw materials and logistics, some of which we've had to absorb.

公司將在特定地區面臨這些暫時性干擾期間，盡可能有效地持續管理成本結構。第一季銷貨成本（排除特定項目）占營收的94%，與上季大致持平，去年同期為91%。公司仍面臨原物料與物流成本上升的挑戰，其中部分成本我們必須自行吸收。

Despite these challenges, we remain focused on improving cost efficiencies and anticipate the manufacturing absorption rate in future quarters will be in line with projected product sales. G&A ex items for the quarter was $11 million, up a little from $10.6 million in the prior quarter. For 2026, we expect G&A ex items to be approximately $42 million to $45 million.

儘管面臨這些挑戰，我們仍專注於提升成本效率，並預期未來季度的製造吸收率將與預估的產品銷售相符。本季一般及行政費用（G&A，排除特定項目）為1,100萬美元，較前一季的1,060萬美元略增。2026年，我們預期G&A（排除特定項目）約為4,200萬至4,500萬美元。

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. Depreciation for the quarter was $3.8 million and increased slightly compared to $3.7 million in the last quarter and the first quarter of last year. EBIT ex items for the quarter was $6.6 million, down from $15.7 million last quarter, yielding an EBIT margin of over 5%.

同時也必須注意，我們100%的公司層級G&A費用都會分攤並吸收至各報導部門的財務表現中。本季折舊為380萬美元，較上季及去年第一季的370萬美元略增。本季EBIT（排除特定項目）為660萬美元，低於上季的1,570萬美元，EBIT利潤率超過5%。

Our EBIT for the quarter on a GAAP basis was $1.9 million. Interest expense of $2.9 million for the first quarter increased from $2.6 million in the prior quarter and the same quarter in the prior year. As mentioned last quarter, the increase in the interest expense is associated with the higher interest rate on the new-term loan under our credit facility, which was used to retire $45 million of senior notes in January 2026.

本季按GAAP基礎計算的EBIT為190萬美元。第一季利息費用為290萬美元，較前一季及去年同期的260萬美元增加。如上季所提，利息費用增加與我們信貸額度下新設之定期貸款（term loan）較高的利率相關；該貸款用於在2026年1月償還4,500萬美元的優先票據。

Income tax expense and an effective tax rate of 25% and ex items was $900,000 for the quarter. On a GAAP basis, we recorded a tax benefit of $300,000 for the quarter. Net income ex items for the quarter was $2.7 million, down 72% sequentially and down 59% from first quarter of last year. `On a GAAP basis, we had a net loss of $800,000 for the quarter.

本季所得稅費用（以25%的有效稅率並排除特定項目計）為90萬美元。按GAAP基礎，本季我們認列30萬美元的所得稅利益（tax benefit）。本季淨利（排除特定項目）為270萬美元，較上季下降72%，較去年第一季下降59%。`按GAAP基礎，本季我們淨損80萬美元。

Earnings per diluted share ex items was $0.06 for the quarter compared to $0.21 in the prior quarter and $0.14 in the first quarter of last year. On a GAAP basis, we had a loss per diluted share of $0.02 for the quarter.

本季稀釋後每股盈餘（排除特定項目）為0.06美元，前一季為0.21美元，去年第一季為0.14美元。按GAAP基礎，本季稀釋後每股虧損為0.02美元。

Turning to the balance sheet. Receivables were $108.3 million and decreased approximately $5.3 million from the prior quarter. Our DSOs for the first quarter were at 74 days, up from 69 days last quarter. The increase in DSOs was primarily driven by the escalation of the conflict in the Middle East, which impacted revenue for the quarter and also slowed collections. We will continue to focus our collection efforts in the affected region and anticipate that our DSO will improve in future quarters.

接著看資產負債表。應收帳款為1.083億美元，較前一季減少約530萬美元。第一季DSO為74天，高於上季的69天。DSO上升主要由中東衝突升級所驅動，該事件影響本季營收並使收款速度放緩。我們將持續聚焦於受影響地區的催收工作，並預期未來季度DSO將改善。

Inventory at March 31, 2026, was $57.8 million, up $3.3 million from last quarter end. Inventory turns for the quarter were 1.8% and down from 2.1% last quarter, which is primarily associated with the decrease in international bulk sales this quarter.

截至2026年3月31日，存貨為5,780萬美元，較上季季末增加330萬美元。本季存貨周轉率為1.8%，低於上季的2.1%，主要與本季國際大宗銷售下降有關。

And now to the liability side of the balance sheet. Our long-term debt was $117 million as of March 31, 2026, and considering cash of $22.8 million, net debt was $94.2 million, which increased $3.9 million from last quarter. Our leverage ratio is currently at 1.2% compared to 1.1% last quarter. Our debt is currently comprised of our senior notes at $65 million, a term loan of $50 million and $2 million outstanding under our bank credit facility.

現在看資產負債表的負債端。截至2026年3月31日，我們的長期負債為1.17億美元；考量現金2,280萬美元後，淨負債為9,420萬美元，較上季增加390萬美元。我們目前槓桿比率為1.2%，上季為1.1%。我們的債務目前由6,500萬美元的優先票據、5,000萬美元的定期貸款，以及銀行信貸額度下尚未償還的200萬美元所構成。

As stated earlier, in the first quarter, we made a single draw of $50 million on a term loan under our credit facility and retired $45 million of senior notes in January of '26. Looking at cash flow for the first quarter of 2026, Cash flow from operating activities was $4 million and after paying approximately $3.5 million of CapEx for operations, our free cash flow for the quarter was $500,000.

如先前所述，第一季我們在信貸額度下的定期貸款一次性提領5,000萬美元，並於2026年1月償還4,500萬美元的優先票據。再看2026年第一季現金流，營運活動現金流為400萬美元；在支付約350萬美元的營運資本支出（CapEx）後，本季自由現金流為50萬美元。

As discussed in prior quarters, the capital expenditures associated with rebuilding our UK facility, which was damaged by fire are covered by the company's property and casualty insurance and have been excluded in the calculation of free cash flow. The capital expenditures associated with rebuilding the UK facility in the first quarter were $1.4 million.

如前幾季所討論，與重建因火災受損之英國設施相關的資本支出，已由公司的財產與意外險承保，並已在自由現金流的計算中排除。第一季與重建英國設施相關的資本支出為140萬美元。

Looking ahead to the rest of the year, we will continue our strict capital discipline and asset-light business model with capital expenditures primarily targeted at growth opportunities. Excluding the CapEx associated with rebuilding the UK facility, we expect capital expenditures to remain aligned with activity levels and for the full-year 2026 to be in the range of $15 million to $18 million.

展望今年剩餘時間，我們將持續嚴格遵守資本紀律與輕資產商業模式，資本支出將主要投向成長機會。若不含重建英國設施相關的資本支出（CapEx），我們預期資本支出將持續與活動水準保持一致，且2026全年將落在1,500萬至1,800萬美元的區間。

Core Lab's operational leverage continues to provide the ability to grow revenue and profitability with minimal capital requirements. Capital expenditures for the operations has historically ranged from 2% to 4% of revenue even during periods of significant growth. That same level with laboratory infrastructure, intellectual property, and leverage exists in the business today.

Core Lab 的營運槓桿持續使我們能以最低的資本需求來提升營收與獲利能力。歷史上，即使在顯著成長期間，營運端的資本支出也多介於營收的2%至4%。目前業務同樣具備該等水準的實驗室基礎設施、智慧財產與槓桿效益。

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，在比較與預測公司財務結果時，評估公司產生自由現金流以及自由現金流殖利率的能力，對股東而言是一項重要指標，特別是對於使用折現現金流（DCF）模型來評估估值的股東。

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

接下來我將把時間交給 Gwen，請她更新我們的指引與展望。

Thank you, Chris. Turning to Core Lab's outlook for the second quarter of 2026, the IEA, the EIA, and OPEC are projecting crude oil demand growth in 2026 of approximately 600,000 to 1.4 million barrels per day, supporting constructive long-term market fundamentals despite near-term volatility. The IEA also continues to highlight that accelerating natural decline rates in existing producing fields remain a significant long-term supply risk, reinforcing the need for sustained investment.

謝謝你，Chris。談到 Core Lab 對2026年第二季的展望，IEA、EIA 與 OPEC 預測2026年原油需求成長約為每日60萬至140萬桶，儘管短期波動，仍支撐具建設性的長期市場基本面。IEA 也持續強調，既有生產油田的自然遞減率加速，仍是重要的長期供給風險，進一步凸顯持續投資的必要性。

Recent disruptions, including the closure of the Strait of Hormuz and damage to regional refining infrastructure have reduced global crude oil supply by approximately 20%. These geopolitical events are likely to support the need for new oil and gas development to address energy security risk.

近期的干擾事件，包括荷姆茲海峽關閉以及區域煉油基礎設施受損，使全球原油供給約減少20%。這些地緣政治事件很可能將支撐為因應能源安全風險而推動新的油氣開發需求。

In the US, year-over-year production is expected to remain measured, as capital discipline and maturing shale plays offset efficiency gains. Combined, these trends suggest that new hydrocarbon exploration will come from international offshore conventional reservoir targets.

在美國，受資本紀律與頁岩油氣區塊成熟化抵銷效率提升影響，預期年對年產量將維持溫和。綜合而言，這些趨勢顯示新的碳氫化合物勘探將主要來自國際離岸的傳統油藏目標。

In the near term, geopolitical instability in the Middle East, sanctions, and evolving trade policies, along with OPEC+ production decisions will continue to contribute to market volatility. However, a multiyear cycle of international offshore exploration and development activity will be required to support future demand. Core Lab maintains a constructive multiyear outlook and is positioned to support ongoing client investment needs.

短期內，中東地緣政治不穩、制裁與不斷演變的貿易政策，以及 OPEC+ 的產量決策，將持續造成市場波動。然而，為支撐未來需求，仍需要一個為期多年的國際離岸勘探與開發活動週期。Core Lab 維持具建設性的多年期展望，並已就位以支援客戶持續的投資需求。

Recent changes in client activity levels across the Middle East are directly impacting Core's operations. Client-driven project disruptions have led to delays in project execution and logistical constraints. For Core Lab, the disruption of hydrocarbon trading routes extends beyond the Middle East region and into the company's global lab network, which services the maritime transportation and trading of crude oil, natural gas, and refined products.

近期中東地區客戶活動水準的變化，正直接影響 Core 的營運。由客戶主導的專案干擾導致專案執行延宕與物流限制。對 Core Lab 而言，碳氫化合物交易航線的中斷影響不僅限於中東，亦延伸至公司的全球實驗室網路；該網路為原油、天然氣與成品油的海運運輸與交易提供服務。

The impact has been more pronounced in Reservoir Description and the service side of Production Enhancement due to Core Lab's unique role supporting regional client studies, reservoir rock, and fluid characterization completion diagnostics and hydrocarbon assay testing. These services rely on predictable fuel access, sample movement and laboratory operations. Production Enhancement products has been comparatively less affected.

影響在「油藏描述（Reservoir Description）」以及「生產增強（Production Enhancement）」的服務端更為明顯，原因在於 Core Lab 在支援區域客戶研究、油藏岩心與流體特性分析、完井診斷與碳氫化合物組成/品級（assay）測試方面扮演獨特角色。這些服務仰賴可預期的燃料取得、樣品移動與實驗室運作。相較之下，生產增強的產品端受影響較小。

However, shipments of energetic systems into certain countries have experienced delays. US land completion activity is expected to remain below prior year levels with modest improvement likely driven by small to midsize operators. Growth in demand for Core's diagnostic services, production optimization technologies, and proprietary energetic systems are expected to partially offset softer year-over-year US onshore activity. However, costs for certain imported raw materials use in production enhancement continue to increase and remain subject to tariffs and supply chain volatility.

然而，向部分國家出貨高能系統（energetic systems）已出現延遲。預期美國陸上完井活動將低於去年水準，可能僅由中小型營運商帶來溫和改善。對 Core 的診斷服務、生產最佳化技術與專有高能系統的需求成長，預期可部分抵銷美國陸上活動年對年走弱。不過，用於生產增強的部分進口原物料成本持續上升，且仍受關稅與供應鏈波動影響。

Client discussions indicate that international projects outside the Middle East are proceeding. However, circumstances in the Middle East create difficulty in forecasting the pace and timing of activity recovery for the effective region. Collectively, these factors support expectations for modest sequential operational improvement for Core Lab.

與客戶的討論顯示，中東以外的國際專案仍在推進。然而，中東情勢使得有效區域（effective region）活動復甦的速度與時點更難以預測。整體而言，這些因素支持我們對 Core Lab 營運呈現溫和的季對季改善之預期。

In summary, Reservoir Description's second-quarter 2026 revenue is projected to range from $77.5 million to $82.5 million, with operating income of $3.5 million to $5.4 million. Production Enhancement second quarter revenue is estimated to range from $45.5 million to $48.5 million with operating income of $2.8 million to $4.7 million.

總結而言，預估2026年第二季「油藏描述」營收將介於7,750萬至8,250萬美元，營業利益為350萬至540萬美元。「生產增強」第二季營收預估介於4,550萬至4,850萬美元，營業利益為280萬至470萬美元。

So in summary, Core Lab's second-quarter 2026 revenue is projected to range from $123 million to $131 million, with operating income of $6.4 million to $10.2 million, yielding operating margins of 7%. EPS for the second-quarter 2026 is expected to range from $0.06 to $0.12. The company's guidance is based on projections for underlying operations and excludes gains and losses in foreign exchange and assumes an effective tax rate of 25%.

因此總結，預估 Core Lab 2026年第二季營收將介於1.23億至1.31億美元，營業利益為640萬至1,020萬美元，對應營業利益率為7%。預期2026年第二季每股盈餘（EPS）將介於0.06至0.12美元。公司指引係基於基礎營運之預測，排除外匯損益，並假設有效稅率為25%。

With that, I'll turn the call back over to Larry.

接下來我把電話會議交回給 Larry。

Thanks, Gwen. First, I'd like to thank our global team of employees for providing innovative solutions, integrity, and exceptional service to our clients. I'd particularly like to thank our dedicated staff in the Middle East for the uncertainties and stresses they've recently had to endure during the conflict. As we celebrate our 90th year, our staff's collective expertise and their dedication to servicing our clients has been the foundation of the company's success.

謝謝你，Gwen。首先，我要感謝我們全球團隊的員工，為客戶提供創新解決方案、秉持誠信並提供卓越服務。我也特別要感謝中東地區的同仁，在衝突期間承受了近期的不確定性與壓力。值此公司成立90週年之際，我們同仁的集體專業與對服務客戶的投入，一直是公司成功的基石。

Looking at the macro, even as global energy markets work through near-term economic headwinds and volatile commodity prices, the IEA, EIA, and OPEC are forecasting year-over-year growth in global crude oil demand to range between 0.6 million and 1.4 million barrels per day for 2026.

從總體面來看，即使全球能源市場正面對短期經濟逆風與大宗商品價格波動，IEA、EIA 與 OPEC 仍預測2026年全球原油需求年對年成長將介於每日60萬至140萬桶。

In addition to the forecasted growth in demand, new production will be needed to be brought online to offset the natural decline from existing producing fields. Combined, these trends will require continued investment in the long-term development of new onshore and offshore crude oil fields.

除需求成長的預測外，還需要新增產能上線，以抵銷既有生產油田的自然遞減。綜合而言，這些趨勢將需要持續投資於新陸上與離岸原油油田的長期開發。

US tight oil production has been by far the largest component of non-OPEC oil production growth since 2010. The most recent EIA short-term energy outlook for US oil production projects approximately 13.5 million barrels per day for 2026, essentially flat to 2025 and with modest growth expected in 2027 in response to projected stronger commodity prices.

自2010年以來，美國緻密油（tight oil）產量一直是非 OPEC 產量成長中最大的一部分。EIA 最新的美國短期能源展望預測，2026年美國原油產量約為每日1,350萬桶，與2025年基本持平；並預期在大宗商品價格走強的預測帶動下，2027年將出現溫和成長。

Growing global oil demand, combined with moderating incremental US production growth, continue to support the thesis that future supply will need to come from new discoveries and field developments, largely driven from long-cycle offshore investments outside the Continental US. The most recent IEA long-term outlook under its current policy scenario shows global oil demand continuing to rise through 2050 to approximately 113 million barrels per day.

全球原油需求成長，加上美國增量產量成長趨緩，持續支持一項論點：未來供給將需要來自新的發現與油田開發，且主要由美國本土（Continental US）以外的長週期離岸投資所驅動。IEA 在現行政策情境下的最新長期展望顯示，全球原油需求將持續上升至2050年，約達每日1.13億桶。

As highlighted in the IEA September 2025 analysis, global field-by-field data show that the natural decline in existing producing oil fields is accelerating and has become a dominant long-term supply risk. The IEA estimates that absent reinvestment, global oil production would decline by approximately 8% per year due to natural field depletion.

如 IEA 於2025年9月分析所強調，全球逐油田（field-by-field）資料顯示，既有生產油田的自然遞減正在加速，並已成為主導性的長期供給風險。IEA 估計，若缺乏再投資，全球原油產量將因油田自然枯竭而每年下降約8%。

As a result, the majority of upstream capital spending globally is now required to simply offset decline rather than to meet incremental demand growth. The IEA also noted that nearly 90% of upstream investment since 2019 has gone towards sustaining existing production rather than expanding supply. The IEA states that significant annual investment in oil and gas resource development will be required for many years to come to ensure energy security and market stability.

因此，目前全球上游資本支出的大部分，僅是用來抵銷遞減，而非用於滿足增量需求成長。IEA 亦指出，自2019年以來近90%的上游投資用於維持既有產量，而非擴大供給。IEA 表示，為確保能源安全與市場穩定，未來多年仍需要對油氣資源開發進行可觀的年度投資。

The US EIA's long-term reference case forecast shows even higher crude oil demand through 2050, approaching 120 million barrels per day, reinforcing the conclusion that continued investment in new crude oil production will remain necessary.

美國 EIA 的長期基準情境（reference case）預測顯示，至2050年的原油需求更高，接近每日1.2億桶，進一步強化持續投資新增原油產量仍屬必要的結論。

In summary, current demand forecasts support a multiyear investment cycle in which US onshore production growth slows and in which future global supply growth will increasingly be driven by capital investment in long-cycle international conventional offshore opportunities as well as with unconventional plays in the Middle East, trends that continue to support the demand for Core Lab services.

總結而言，目前的需求預測支持一個為期多年的投資週期：美國陸上產量成長放緩，而未來全球供給成長將日益由美國本土以外的長週期國際傳統離岸機會之資本投資所驅動，同時也包括中東的非常規區塊；這些趨勢持續支撐對 Core Lab 服務的需求。

Current supply disruptions and renewed concerns about energy security only strengthened the case for a geographically broad-based cycle of new hydrocarbon exploration appraisal and development. Core's Reservoir Description and Production Enhancement technologies are directly aligned with the investment imperatives required to find and develop new oil and gas fields and to improve recovery from existing fields.

目前的供給中斷與對能源安全的再度憂慮，只會更強化以地理分布更廣為特徵的新一輪碳氫化合物勘探、評估與開發週期之理由。Core 的「油藏描述」與「生產增強」技術，與尋找並開發新油氣田、以及提升既有油田採收率所需的投資要務直接一致。

Now let's review the first quarter performance of our two business segments. Turning first to Reservoir Description. For the first quarter of 2026, revenue came in at $82 million, down 11% compared to Q4 of 2025. Operating income for Reservoir Description ex items was $5 million, down from $13 million in Q4, yielding operating margins of 6%.

現在讓我們回顧兩個業務部門的第一季表現。先看儲層描述（Reservoir Description）。2026 年第一季營收為 8,200 萬美元，較 2025 年第四季下降 11%。儲層描述部門（不含特定項目）的營業利益為 500 萬美元，較第四季的 1,300 萬美元下降，營業利益率為 6%。

Incremental margins were negatively impacted by two factors: the conflict in the Middle East, and severe weather in North America and in the Mediterranean. While demand for Reservoir Descriptions lab services remained strong in several regions across our global network, ongoing international geopolitical conflicts along with sanctions that were enacted in 2025 and further expanded throughout the year and yet again in Q1 of 2026, continue to produce headwinds that negatively impacted the demand for laboratory services tied to the trade and transportation of crude oil and derived products.

增量毛利率受到兩項因素的負面影響：中東衝突，以及北美與地中海地區的惡劣天候。儘管在我們全球網路的多個地區，儲層描述的實驗室服務需求仍然強勁，但持續的國際地緣政治衝突，以及 2025 年實施並在全年進一步擴大、且在 2026 年第一季再次擴大的制裁，仍持續形成逆風，負面影響與原油及其衍生產品貿易與運輸相關的實驗室服務需求。

Now for some operational highlights from Reservoir Description. In the first quarter of 2026, Core Lab continued to advance its integrated digital data strategy through the delivery of key reservoir data sets via our proprietary rapid platform. These data sets include a wide array of laboratory data and mark an important milestone in the company's ongoing effort to standardize and digitize reservoir data across our global portfolio.

接著分享儲層描述的幾項營運亮點。2026 年第一季，Core Lab 持續推進其整合式數位資料策略，透過我們專有的 rapid 平台交付關鍵儲層資料集。這些資料集涵蓋廣泛的實驗室數據，並標誌著公司持續致力於在全球資產組合中標準化與數位化儲層資料的重要里程碑。

By making these data streams more accessible and easier to integrate into Core's clients' existing workflows, Core Lab is improving turnaround times reducing friction and data transfer and helping clients make faster and more informed decisions. This digital offering continues to reinforce Core Lab's differentiated position as a technology-led provider of high-value reservoir solutions.

透過讓這些資料流更容易取得、也更容易整合到 Core 客戶既有的工作流程中，Core Lab 正在改善交付週期、降低資料傳輸的摩擦，並協助客戶更快速且更有依據地做出決策。這項數位化產品持續強化 Core Lab 作為以科技驅動、提供高價值儲層解決方案供應商的差異化定位。

Core Lab's proprietary rapid database delivers the highly structured, well organized, geological petrophysical, and engineering data that will form a critical foundation for developing artificial intelligence initiatives by both Core Lab and its clients.

Core Lab 的專有 rapid 資料庫提供高度結構化、組織良好的地質、岩石物理與工程數據，這些數據將成為 Core Lab 與其客戶發展人工智慧計畫的關鍵基礎。

Moving now to Production Enhancement, where Core Lab technologies continue to help our clients optimize well completions and improve production. Revenue for Production Enhancement for the first quarter of 2026 came in at $40 million down 7% year over year. Q1 2026 operating income for Production Enhancement, ex items was $2 million, yielding operating margins of 5%.

接著看生產增進（Production Enhancement），Core Lab 的技術持續協助客戶最佳化完井並提升產量。2026 年第一季生產增進營收為 4,000 萬美元，年減 7%。2026 年第一季生產增進部門（不含特定項目）的營業利益為 200 萬美元，營業利益率為 5%。

Margins were negatively impacted by soft sequential US land activity and severe cold weather that both reduced US completions and temporarily closed Core Lab's completion product manufacturing facilities. In addition, the Middle East conflict reduced client activity in the region and delayed certain energetic product shipments.

利潤率受到美國陸上活動連續性疲弱以及嚴寒天候的負面影響；兩者皆降低了美國完井量，並使 Core Lab 的完井產品製造設施暫時關閉。此外，中東衝突降低了該地區客戶活動，並延遲了部分含能產品（energetic products）的出貨。

Diagnostic Services benefited from strong demand in complex US land completion designs and on offshore projects, domestic and international markets. Now for some operational highlights from Production Enhancement.

診斷服務（Diagnostic Services）受惠於美國陸上複雜完井設計以及離岸專案的強勁需求，涵蓋國內與國際市場。接下來是生產增進的幾項營運亮點。

Early in the first quarter of 2026, Core Lab was engaged by a national oil company in the Middle East to address a significant excess water production issue affecting multiple wells, which had led to shut-ins. The client deployed Core's GTX expand Extreme High temperature casing patch [solution] to address the issue. Core Lab's [GTX X-Band] proprietary technology is specifically engineered for harsh cyclic steam injection environments where temperatures can reach up to 600 degrees Fahrenheit.

在 2026 年第一季初，Core Lab 受中東一家國家石油公司委託，處理影響多口井、並導致停井的嚴重超量產水問題。客戶採用 Core 的 GTX expand 極端高溫套管修補（casing patch）[solution] 來解決該問題。Core Lab 的 [GTX X-Band] 專有技術專為嚴苛的循環蒸汽注入環境設計，溫度最高可達華氏 600 度。

The [GTX X-band] installation significantly reduced water cut from the well from 99% down to 40% and thus materially lowered water disposal and environmental remediation costs. Based on this success, the client initiated an additional 10-well campaign using Core's proprietary [GTX expand] technology.

[GTX X-band] 的安裝使該井含水率（water cut）大幅降低，從 99% 降至 40%，因此顯著降低了水處置與環境修復成本。基於此成功案例，客戶啟動了額外 10 口井的作業計畫，採用 Core 的專有 [GTX expand] 技術。

Also in the first quarter, an independent operator in the Permian Basin deployed Core Labs FLOWPROFILER solid oil tracers across a 30-stage horizontal well to evaluate stage-by-stage oil contribution within an upper bench test in an existing reservoir.

同樣在第一季，二疊紀盆地（Permian Basin）的一家獨立營運商在一口 30 段（30-stage）水平井上部署了 Core Lab 的 FLOWPROFILER 固體油示蹤劑（solid oil tracers），以評估既有儲層中上層段（upper bench）測試的各段（stage-by-stage）產油貢獻。

Core's FLOWPROFILER engineered delivery system is designed to stay within the proppant pack of each individual [frac] stage and then slowly release the oil tracer as the produced oil moves past the engineered particles and into the production strength. Flowback analysis of the produced oil provided clear insight into the production performance along the lateral length, showing that the strongest oil contribution came from the heel and to sections of the well, with materially lower contribution from the mid-lateral.

Core 的 FLOWPROFILER 工程化投放系統設計為可停留在每一個單獨 [frac] 段的支撐劑填充層（proppant pack）內，並在產出原油流經工程化顆粒並進入生產流程時，緩慢釋放油示蹤劑。對產出原油的返排（flowback）分析，清楚揭示了沿水平段長度的生產表現，顯示最強的產油貢獻來自井跟（heel）及井段的部分區域，而中段水平段（mid-lateral）的貢獻則明顯較低。

Core Lab's FLOWPROFILER diagnostic results are allowing the operator to optimize future drilling targets and completion design. Importantly, based on the success of this program, the client plans to deploy FLOWPROFILER in five additional wells, highlighting the value of Core's differentiated technology.

Core Lab 的 FLOWPROFILER 診斷結果正協助該營運商最佳化未來的鑽井目標與完井設計。重要的是，基於此計畫的成功，客戶計畫在另外五口井部署 FLOWPROFILER，凸顯 Core 差異化技術的價值。

That concludes our operational review. We appreciate your participation, and Valentina will now open the call for questions.

以上為我們的營運回顧。感謝各位參與，接下來 Valentina 將開放提問。

(Operator Instructions) Don Crist, Johnson Rice.

（接線員指示）Don Crist，Johnson Rice。

I wanted to touch on the Middle East. Obviously, it's unfortunate what's going on with the conflict there. But I just wanted to ensure that your facilities are undamaged and once this conflict is resolved, everything should bounce back to pretty much normal. I mean, is that the correct read on the situation?

我想談一下中東。顯然，那裡的衝突令人遺憾。但我想確認你們的設施沒有受損，而且一旦衝突解決，一切應該會幾乎恢復正常。我的理解是正確的嗎？

Yes. Absolutely, Don. And so first of all, thanks for the question. And first of all, no damage to any of our infrastructure. Our staff has been beyond admirable in their ability to cope with a very challenging situation here. I do think it's important to understand that the flow of oil and refined products that normally underpins our -- some of our revenue in Reservoir Description in the region to essentially come to a halt. And when that happens, we have all the costs and none of the revenue.

是的。完全正確，Don。首先謝謝你的提問。首先，我們任何基礎設施都沒有受損。我們的員工在應對這裡非常具挑戰性的情勢方面表現得非常令人敬佩。我認為重要的是要理解：通常支撐我們在該地區儲層描述部門部分營收的原油與成品油流動，基本上已經停滯。一旦發生這種情況，我們就會承擔所有成本，卻沒有任何營收。

And so we're doing what we can to mitigate those costs. What we think will happen is as the situation gets resolved, there's going to be a strong rebound. I hesitate to use the word surge because that's going to depend on things out of our control, but a strong rebound in oil movement out of the region and into the rest of the global network. What we tried to illustrate in our comments was we have a revenue opportunity on that assay work in the region. And then once it leaves a region and makes port in some other part of the world, we have another revenue opportunity.

因此我們正在盡力降低這些成本。我們認為，隨著情勢獲得解決，將會出現強勁反彈。我不太願意用「激增」這個詞，因為那取決於我們無法控制的因素，但原油從該地區流出並進入全球其他網路的流動，將會強勁回升。我們在評論中想說明的是：我們在該地區的油品化驗（assay）工作有一個營收機會；而一旦油品離開該地區並在世界其他地方靠港，我們又有另一個營收機會。

So it extends beyond the region for us, but we think there's a very quick rebound in the flow of our work on -- tied to the maritime transportation of crude oil and refined products, natural gas as well out of the region. And then I think beyond that, the office closures that -- and I'll call it the slow down of field access that impaired acquisition of more upstream crude oil and rock samples, that will start picking up. We've seen some early indications of that during the cease fire, and we've kind of dialed that into our thinking already. But we think that things are poised for a nice rebound for us across Reservoir Description and then products will start moving in there as well.

因此對我們而言，影響不僅限於該地區本身；但我們認為，與原油與成品油、以及天然氣的海運運輸相關的工作量，將會非常快速反彈並恢復流動。除此之外，辦公室關閉——以及我稱之為現場進入速度放緩——曾妨礙取得更多上游原油與岩石樣本；這部分也將開始回升。我們在停火期間已看到一些早期跡象，並且已將其納入我們的思考之中。但我們認為，儲層描述業務將迎來不錯的反彈，而產品也會開始在該地區重新流動。

Yeah, that's exactly as I thought that everything should get back to pretty quick. I wanted to touch on a topic that we've heard across many conference calls this earnings cycle. And it's the fact that worldwide supplies or storage has fallen significantly and a lot of investors are now thinking that there's a significant disconnect between the physical market and the paper market. You're in that physical market much more than a lot of other companies.

是的，這正如我所想，一切應該會很快恢復。我還想談一個我們在本次財報季許多電話會議上都聽到的主題：全球供應或庫存已大幅下降，許多投資人現在認為實體市場與紙上市場之間存在顯著脫節。相較於許多其他公司，你們更深入參與實體市場。

I don't know if you have an opinion on that? And is it influencing any NOCs and IOCs around the world to get more urgent in developing resources closer to home from an energy security standpoint. Any comments around that? Because we're hearing that from a lot more investors now whether they believe it or not.

我不確定你是否對此有看法？以及這是否正影響全球各地的國家石油公司（NOCs）與國際石油公司（IOCs），從能源安全角度更急迫地開發更靠近本土的資源。對此有任何評論嗎？因為我們現在從更多投資人那裡聽到這種說法，不論他們是否真的相信。

Yes. I do think that the worldwide supply -- we've been burning through -- there was apparently around 400 million barrels of oil committed out of strategic reserves that are flowing into the system. If you roughly balance that off at 20 million barrels a day disrupted from the Middle East, and I think it might be a little less than that, some stuff coming out at [Yanbu] in Western Saudi Arabia.

是的。我確實認為全球供應——我們一直在消耗——顯然大約有 4 億桶原油從戰略儲備中承諾釋出並流入系統。如果你把這與中東每天約 2,000 萬桶的供應中斷做大致抵消——我認為可能略低於此，因為仍有一些貨源從沙烏地阿拉伯西部的 [Yanbu] 出來——

But call it, 20 million barrels a day and then also refined products and all, I think inventory levels on both crude oil and on refined products are being consumed pretty quickly here. And so I think that is inevitably going to drive people to think about the longer term, hey, I don't want to be in this position whenever -- if I can avoid it. And so I would say, Don, long before the war started, we saw reinvestment and directional changes in places like Malaysia and Indonesia.

但就以每日 2,000 萬桶來看，再加上成品油等，我認為原油與成品油的庫存水位都正在相當快速地被消耗。因此我認為，這不可避免會促使人們從更長期角度思考：嘿，如果我能避免，我不想在未來再次處於這種局面。所以我會說，Don，早在戰爭爆發之前，我們就已在馬來西亞、印尼等地看到再投資與方向性的變化。

And in other parts of the world to say, hey, we've got to get some things going closer to home than we have in the past to avoid disruptions that might be shipping related, conflict-related canal related depending on the two big canal systems in the world that move oil around. And so I think there's a growing awareness that you need to derisk your energy supply, and that's going to mean a very -- as I've said in my comments, there are a broad geographically based investment in new studies, new appraisals and get -- make sure that oil can get to market.

而在世界其他地區也在說，嘿，我們必須把一些事情推動得更靠近本土，而不是像過去那樣，以避免可能與航運相關、與衝突相關、或與運河相關的中斷——取決於全球兩大運河系統，這些系統負責運輸石油。因此我認為，大家越來越意識到你需要降低能源供應風險，而這將意味著——正如我在評論中所說——在地理上更廣泛地投資於新的研究、新的評估，並確保石油能夠進入市場。

Whether it comes from -- to get into the Western hemisphere, that could come from West Africa as well but it could also mean more stuff in the Gulf of Mexico, more stuff in South Atlantic margin happen to be developed.

不論它來自哪裡——要進入西半球，它也可能來自西非，但也可能意味著墨西哥灣會有更多項目、南大西洋邊緣也會有更多資源被開發。

Yes. That supports what we're hearing there as well. I wanted to touch on one --

是的。這也支持我們在那邊聽到的情況。我想再談一點——

I think the European situation maybe amplifies that they're pretty concerned about flow of oil from the Middle East right now.

我認為歐洲的情勢可能放大了這點：他們現在對中東石油的供應流動非常擔憂。

Understandably. And my last question, I'll turn back to queue. We saw a press release at Olivia this week where a major is going to start assessing the reservoirs in Libya. I don't know if you can talk specifically about that, but I think that kind of supports what has been talked about for the past couple of quarters that North Africa region is going to be developed sooner rather than later. I don't know if you have any comments broadly on that.

可以理解。而我最後一個問題，之後我會把時間交回給提問隊列。我們本週看到 Olivia 的一則新聞稿，一家大型公司將開始評估利比亞的油藏。我不知道你是否能具體談那件事，但我認為這某種程度上支持了過去幾個季度一直在談的：北非地區將會比預期更早被開發。我不知道你對此是否有任何更宏觀的評論。

Yes. Don, I think several quarters ago on our earnings call, we talked about having conducted a client Technology Day focused on two things. Improving recovery from existing fields and an unconventional development, and we held that in Tunisia to address opportunities in Libya and in Algeria and into Egypt as well. Very well attended, 50 client companies represented here.

是的。Don，我想在幾個季度前的財報電話會議上，我們談到曾舉辦一場客戶技術日（Technology Day），聚焦兩件事：提升既有油田的採收率，以及非常規開發。我們在突尼西亞舉辦，旨在因應利比亞、阿爾及利亞以及埃及等地的機會。出席非常踴躍，共有 50 家客戶公司代表參與。

And so we've had a number of discussions with operators and with government agencies about Core Lab's involvement and our availability and readiness to participate in getting those Libyan and other regional assets up to speed for the older fields that need a lot of remediation and for unconventional plays. There is a nice unconventional opportunity in North Africa. Very close to the European market. I think it plays out very nicely. And Core Lab has been on top of that, and we've got some of our top hands engaged in those conversations.

因此，我們已與營運商及政府機構進行多次討論，內容包括 Core Lab 的參與，以及我們投入協助利比亞及其他區域資產加速到位的可用性與準備度——無論是需要大量修復的老油田，或是非常規區塊。北非有不錯的非常規機會，且非常接近歐洲市場。我認為這將有很好的發展。Core Lab 一直密切關注，我們也讓一些最資深的專家參與這些對話。

Sean Mitchell, Daniel Energy Partners.

Sean Mitchell，Daniel Energy Partners。

Congrats on 90 years. That's great.

恭喜 90 週年。太棒了。

I'm going to follow up Sean, I have to look it up. Silver anniversary is 25. 50 is gold. 90th anniversary is the Granite anniversary. So I think it's quite appropriate that it's a rock of some type.

我來接著 Sean 的話，我得查一下。銀婚是 25 週年，50 週年是金婚，90 週年是「花崗岩週年」。所以我覺得用某種岩石來形容非常貼切。

There we go. Maybe following on. Thanks for all the color on the macro. Maybe following on to what Don was asking about. Just when we think about recovery time lines in the Middle East, reopening the Strait is really just the first step.

就是這樣。也許接著問下去。謝謝你們對宏觀面的詳細說明。延續 Don 剛才問的：當我們思考中東的復原時間線時，重新開放海峽其實只是第一步。

There's obviously storage that can move quickly, but restarting production requires tanker repositioning, infrastructure coordination and really damage assessment across the value chain. From what you're seeing on the ground, do you think the market is underestimating how complex and potentially prolong this recovery could be? Any color on that front?

顯然有些庫存可以很快調度，但要重啟生產需要油輪重新部署、基礎設施協調，以及對整個價值鏈進行損害評估。就你們在第一線看到的情況，你認為市場是否低估了這次復原的複雜度，以及可能拉長的時間？這方面能否分享一些看法？

Yeah. I mean I think there are some prior and Core Lab has been through these. I talked about our confidence that we'll navigate through this. There are prior disruptions, whether it was the wars in Kuwait and Iraq where there was considerable field damage.

是的。我是說，我認為以前也有一些先例，而 Core Lab 也經歷過。我談到我們有信心能度過這些情況。過去也曾有中斷，例如科威特與伊拉克戰爭，當時油田損害相當嚴重。

It doesn't appear that some of the, I'll call it, the metal -- there's not as much bent metal at this point. as there was during some of those conflicts. So I think that doesn't have to -- that won't take as long as get going. But I do think it will be -- there'll be, I'll call it, a strong push and a rebound in trying to move as much crude oil and refined product as possible. And then longer term, I think there's going to be maybe infrastructure opportunities.

目前看起來，有些——我姑且稱之為——「金屬」的損壞沒有那麼嚴重；到目前為止，彎折變形的金屬結構不像那些衝突期間那麼多。所以我認為不必——啟動恢復的時間不會像那時那麼長。但我確實認為，將會——我稱之為——出現強力推進與反彈，努力盡可能多地運輸原油與成品油。然後從更長期來看，我認為可能會出現一些基礎設施方面的機會。

Not all of which will affect Core Lab. I think there'll be more pipelines built to try to avoid choke points in the future. I think we saw some comments coming out of the UAE about that. And I think it's going to be a costly process to get oil back into the system, get strategic reserves refilled. And I think the refining infrastructure hits that have occurred in the Middle East are going to compromise for a while natural gas and some crude oil exports.

其中不一定都會影響 Core Lab。我認為未來會建更多管線，以避免再出現瓶頸。我想我們也看到阿聯酋對此有一些評論。而且我認為，讓石油重新回到系統、補回戰略儲備，將是一個成本高昂的過程。我也認為，中東煉油基礎設施遭受的衝擊，將在一段時間內削弱天然氣以及部分原油出口。

Got it. Got it. And then maybe just as that process plays out where you're bringing production back on, I'm assuming this might create some incremental demand for reservoir diagnostics and optimization?

了解。了解。那麼也許在這個過程推進、逐步恢復產量時，我猜這可能會帶來一些對油藏診斷與最佳化的增量需求？

Yeah. I mean I think the clients are going to want to make up for lost time, so to speak. And so we have seen, by the way, and it relates to this a little bit, we have seen a few operators outside of the Middle East come to us and say, for example, hey, we want to increase production, take advantage of the higher price here. We want to run some [PVT] fluids testing to make sure that we understand exactly the phase behavior if we start depleting the reservoir a little faster here, are we going to some type of physical change in the properties of the oil, viscosity change or bubble point potentially being impacted.

是的。我是說，我認為客戶會想要把失去的時間補回來。順帶一提，這也和此事有點相關：我們確實看到一些中東以外的營運商來找我們說，例如，嘿，我們想提高產量，利用目前較高的價格。我們想做一些 [PVT] 流體測試，以確保我們能精準理解相態行為——如果我們在這裡把油藏消耗得更快一些，油品性質是否會發生某種物理變化，例如黏度改變，或氣泡點可能受到影響。

So we are seeing that. And I think that can ripple through the Middle East. If people try to put more oil back on the market in the short term. There'll be some opportunities there for us to help them assess what [ratcheting] up production might mean for their reservoir models for the long term.

所以我們確實看到這種情況。我認為這也可能在中東產生連鎖效應——如果人們試圖在短期內把更多石油投放回市場。我們會有一些機會協助他們評估，提高（[ratcheting] up）產量對其長期油藏模型可能意味著什麼。

Got it. Well, as always, guys, appreciate the color, especially the macro commentary and the current environment. It's super helpful.

了解。嗯，一如既往，各位，感謝你們的分享，尤其是宏觀評論與當前環境的觀點。非常有幫助。

This concludes our question-and-answer session. I would like to turn the conference back over to Larry Bruno for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Larry Bruno，請他做結語。

Okay. We'll wrap up here. In summary, Core's operational leadership continues to position the company for improving client activity levels in the coming quarters and years. For 90 years, Core Lab has navigated geopolitical conflicts and uncertainties, and we will do so again. 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。我們在此做個總結。Core 的營運領導力持續讓公司在未來幾個季度與幾年中，能夠因應客戶活動水準的提升。90 年來，Core Lab 一直在地緣政治衝突與不確定性中前行，我們也將再次做到。我們在營運與技術上的準備從未如此充分，能協助全球客戶群最佳化其油藏並滿足其不斷演進的需求。我們仍保持獨特的專注度，並且是油田服務產業中技術最先進、以客戶為中心的油藏最佳化公司。

The company will remain focused on maximizing free cash and returns on invested capital. In addition to our quarterly dividend, we'll 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 repurchase shares and strengthen its balance sheet, while always investing in growth opportunities and evaluating various methods to increase shareholder value.

公司將持續專注於最大化自由現金流與投入資本報酬率。除了我們的季度股利之外，我們也將透過成長機會為股東創造價值，這些成長動能來自問題解決型技術的導入以及新市場滲透。短期內，Core 將持續運用自由現金回購股票並強化資產負債表，同時始終投資於成長機會，並評估各種提升股東價值的方法。

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 our continuing achievements. So thanks for spending time with us, and we look forward to our next update. Goodbye for now.

最後，我們感謝並珍惜所有股東以及追蹤 Core Lab 的分析師。Core Laboratories 的執行管理團隊與董事會特別感謝全球員工，正是他們讓這些成果成為可能。我們以持續的成就為榮，也很自豪能與之相伴。感謝各位撥冗參與，我們期待下次更新。暫時先說再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議已結束。感謝您參加今天的簡報。您現在可以掛線。