CLB

Core Laboratories Inc. /DE/

NYSE · ENERGY · OIL & GAS FIELD SERVICES, NEC

9.91

+0.51 +5.43%

USD · close Oct 23

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MKT CAP $454.7MP/E 19.1DIV YIELD 0.40%FCF YIELD 3.33%REV TTM $519.2M +0.3%NET INCOME $24.4M −17.8%NET DEBT $93.6M52W 9.40 – 19.67SEC XBRL · TTM TO Invalid Date

How CLB rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

35%

of sentences unchanged

Added

596

new sentences

Dropped

537

sentences removed

Length

+2,047

words, now 43,697

New in FY2025

Climate Related Initiatives Core Lab’s ninety-plus years of expertise evaluating both subsurface geology and fluid flow through natural, porous media and our reputation for reliable and efficient reservoir optimization services provides us with opportunities to play a positive role in supporting emerging energy transition initiatives.
We are committed to reducing our physical risks and environmental footprint associated with climate change while improving our performance and sustainability in line with the global transition toward lower carbon sources of energy.
Most of the value chain emissions (Scope 3 emissions) occurring upstream from our operations including those associated with employee commuting, purchased goods, services and downstream emissions include transportation and distribution of our services and products.
Occupational Safety and Health Administration hazard communication standard, the Environmental Protection Agency community right-to-know regulations under Title III of the federal Superfund Amendment and Reauthorization Act and comparable state statutes require maintenance of information about hazardous materials used or produced in operations and provision of this information to employees, state and local government authorities and citizens.
The federal Bureau of Alcohol, Tobacco, Firearms and Explosives establishes requirements for the safe use and storage of explosives.
This risk factor is perhaps amplified in an uncertain and shifting political environment.
Human Capital Core Lab is primarily a service provider in the oilfield services industry.
The Company’s workforce includes employees who are highly skilled professionals, including engineers and geologists, and other technical personnel, in addition to administrative employees.
As of December 31, 2025, the Company had approximately 3,300 employees, approximately 10% of which was represented under collective bargaining agreements.
Core Lab’s Core Values: (1) Safety Awareness, (2) Honesty & Integrity, (3) Customer Focus, (4) Building Trust and (5) Employee Development, define the Company and are the framework that unite employees on the path toward achieving the Company’s goals and propelling Core Lab forward.
These values represent and establish the foundation by which employees treat each other and conduct business.
By embedding the Core Values into the Company’s operating strategies, Core Lab ensures its culture and mission also drive its sustainability efforts.
Core Lab keeps employees informed of major business developments through CoreConnect, a communication initiative to drive connection and engagement between employees and executive leadership, and through contact by extended leadership teams, periodic emails, quarterly newsletters, quarterly reports, and annual events.
The actions Core Lab takes surrounding employees are geared toward building a strong, sustainable workforce that drives the Company toward long-lasting success.
Core Lab achieves this through Building Our Bench, its employee-focused framework that outlines the Company’s approach to workforce management and employee engagement.
Core Lab’s total rewards approach is aligned to its business strategy and country-specific market influences.
The Company offers competitive compensation and benefit programs in each country where it operates.
Core Lab’s approach not only encompasses competitive compensation and benefits, but also personal and professional growth opportunities within a global performance culture.
Core Lab develops its employees through performance management and talent assessment processes, competency-based development plans and training both in leadership and functional areas.
Core Lab’s annual performance management cycle is an ongoing process that enables managers and employees to collaborate throughout the year to set performance goals and development objectives that align to business objectives.
Core Lab aspires to create an inclusive work culture where differences are valued and recognizes the unique perspectives and thoughts employees bring to the work environment which stimulates innovation and generates out-of-the-box solutions that benefit our Company, clients and industry.
Core Lab promotes a culture-centric focus on the health and safety of its employees and the environment with a proactive approach towards identifying and managing risks through recognition, evaluation, and education.
Employees are empowered by a sense of responsibility for managing their own work environment through open communication, and a management-supported “zero accident” culture.
These cost-cutting measures may include reductions in various expenses, including the quarterly dividend, base salaries of senior executives and employees, and annual capital expenditures, as well as implementation of temporary employee furloughs, workforce reductions, and other measures to reduce corporate and operating costs.
These cost-cutting initiatives could result in disruptions to Core Lab’s operations.
Any such measures could also negatively impact Core Lab’s business by delaying the introduction of new products or technologies, interrupting the effective deployment of existing products and services, or impacting employee retention.
In addition, there can be no assurance that these cost controls will closely correlate with reduced operating activity.
If Core Lab’s operating costs are higher than expected, or if it does not maintain adequate control of its costs, Core Lab’s results of operations will suffer.
If Core Lab is unable to mitigate these or other potential risks related to its initiatives, it may disrupt Core Lab’s business or could have a material adverse effect on its financial condition and results of operations.
Downturns in the oil and gas industry, or in the oilfield services business, or lower success rates of our clients’ exploration and drilling efforts, may have a material adverse effect on our financial condition or results of operations.
There are numerous factors affecting the supply of and demand for our services and products, which are summarized as: ▪ general and economic business conditions, including market prices of oil and gas and expectations about future prices; ▪ global or domestic health crises; ▪ the adoption of legal requirements or taxation; ▪ changes in existing laws, regulations or other governmental actions; ▪ cost of producing and the ability to deliver oil and natural gas; ▪ the level of drilling and production activity; ▪ the success of our clients’ exploration and drilling efforts; ▪ financial condition of our client base and their ability to fund capital expenditures; ▪ coordination by OPEC+ countries; ▪ civil unrest or political uncertainty in oil producing or consuming countries and other geopolitical conflict, including commencement of a major military conflict between the United States, Israel and Iran in February 2026, the continuing conflict between Russia and Ukraine, and political uncertainty in Venezuela; ▪ level of consumption of oil, gas and petrochemicals by consumers; ▪ availability of services and materials for our clients to grow their capital expenditures and to deliver product to market; and ▪ availability of materials and equipment from key suppliers.
The oil and gas industry historically has experienced periodic downturns, which have been characterized by diminished demand for our oilfield services and products and downward pressure on the prices we charge.
Drilling for oil and gas is subject to geologic risk, and exploration and appraisal wells are particularly exposed.
In some instances, an operator’s drilling efforts may yield no recoverable hydrocarbons, known as a “dry hole”.
Even when oil and gas is recoverable within a reservoir, the size of a discovery may make further drilling uneconomic.
A higher incidence of dry holes or uneconomic wells could result in reduced demand for our products and services as operators abandon or substantially scale back their drilling and development programs.
Conditions in the Middle East, including current uncertainty and instability resulting from the conflict between the United States, Israel and Iran, as well as other regional hostilities could adversely affect our business.
The Company owns and operates laboratories throughout the Middle East, including an Advanced Technology Center in Abu Dhabi, reservoir rocks and fluids laboratories in Doha, Dammam and Kuwait City, and crude oil and derived products testing laboratories in Kuwait, Saudi Arabia, Bahrain, the United Arab Emirates and elsewhere in the region.
Accordingly, political, economic and military conditions in the Middle East and the surrounding region directly affect our business and could materially and adversely affect our business, operations, or personnel.
On February 28, 2026 the United States and Israel initiated air strikes against Iranian military targets and leadership.

and 556 more.

Gone since FY2024

Climate Related Initiatives We are committed to reducing our physical risks and environmental footprint associated with climate change while improving our performance and sustainability in line with the global transition toward lower carbon sources of energy.
Core Lab’s eighty-plus years of expertise evaluating both subsurface geology and fluid flow through natural, porous media and our reputation for reliable and efficient reservoir optimization services provides us with opportunities to play a positive role in supporting emerging energy transition initiatives.
Most of the value chain emissions (Scope 3 emissions) occur upstream from our operations and are associated with employee commuting, purchased goods and services, activities associated with fuel and energy, and upstream transportation and distribution.
Downstream emissions are primarily associated with transportation and distribution.
Occupational Safety and Health Administration (“OSHA”) hazard communication standard, the Environmental Protection Agency (“EPA”) community right-to-know regulations under Title III of the federal Superfund Amendment and Reauthorization Act and comparable state statutes require maintenance of information about hazardous materials used or produced in operations and provision of this information to employees, state and local government authorities and citizens.
The federal Bureau of Alcohol, Tobacco, Firearms and Explosives (“ATF”) establishes requirements for the safe use and storage of explosives.
This risk factor is perhaps amplified given recent pronouncements and actions taken by the executive and/or legislative branches of the U.S. government in an uncertain and shifting political environment.
Human Capital We are primarily a service provider in the oilfield services industry, so our workforce includes employees who are highly skilled professionals, including engineers and geologists, and other technical personnel, in addition to our administrative employees.
As of December 31, 2024, we had approximately 3,500 employees.
We do not have any material collective bargaining agreements and consider relations with our employees to be good.
Our Core Values: (1) Safety Awareness, (2) Honesty & Integrity, (3) Customer Focus, (4) Building Trust and (5) Employee Development, define us as a company and are the framework that unite us on the path toward achieving our goals and propelling Core Lab forward.
These values represent and establish the foundation by which we treat each other, conduct our business and simply define “how we do things around here.” By embedding our Core Values into our operating strategies, we ensure that our company culture and mission also drive our Environmental, Social and Governance (“ESG”) sustainability efforts.
We keep our employees informed of major business developments through CoreConnect, a communication initiative to drive connection and engagement between employees and executive leadership, and through contact by extended leadership teams, periodic emails, quarterly newsletters, quarterly reports, and annual events.
Core Lab values its employees and is committed to providing resources that engage employees, enhance their work experience, and develop them for the future.
To assist in this pledge, Core Lab has created its talent management strategy based on the employee life cycle.
Our total rewards approach is aligned to our business strategy and country-specific market influences.
We offer competitive compensation and benefit programs in each country where we operate.
Our approach not only encompasses competitive compensation and benefits, but also personal and professional growth opportunities within a global performance culture.
We develop our employees through performance management and talent assessment processes, competency-based development plans and training both in leadership and functional areas while also offering educational assistance programs.
Our annual performance management cycle is an ongoing process that enables managers and employees to collaborate throughout the year to set performance goals and development objectives that align to business objectives.
We aspire to create an inclusive work culture where differences are valued.
We recognize the unique perspectives and thoughts that our employees bring to our environment which stimulates innovation and generates out-of-the-box solutions that benefit our Company, clients and industry.
We promote a culture-centric focus on the health and safety of our employees and the environment with a proactive approach towards identifying and managing risks through recognition, evaluation, and education.
We empower our employees by fostering a sense of responsibility for managing their own work environment through open communication, and a management-supported “zero accident” culture.
These cost-cutting measures may include reductions in the quarterly dividend, base salaries of senior executives and employees, annual capital expenditures, implementation of temporary employee furloughs, and workforce reductions, among other reductions of corporate and operating costs.
In addition, these initiatives could result in disruptions to Core Lab’s operations.
Any cost-cutting measures could also negatively impact Core Lab’s business by delaying the introduction of new products or technologies, interrupting service of additional products, or impacting employee retention.
There can be no assurance that additional costs will not offset any such reductions of its operations.
If Core Lab’s operating costs are higher than expected, or if it does not maintain adequate control of its costs and expenses, Core Lab’s results of operations will suffer.
If Core Lab is unable to mitigate these or other potential risks related to its cost cutting initiatives, it may disrupt Core Lab’s business or could have a material adverse effect on its financial condition and results of operations.
Downturns in the oil and gas industry, or in the oilfield services business, may have a material adverse effect on our financial condition or results of operations.
There are numerous factors affecting the supply of and demand for our services and products, which are summarized as: ▪ general and economic business conditions, including market prices of oil and gas and expectations about future prices; ▪ global or domestic health crises; ▪ the adoption of legal requirements or taxation; ▪ changes in existing laws, regulations or other governmental actions; ▪ cost of producing and the ability to deliver oil and natural gas; ▪ the level of drilling and production activity; ▪ financial condition of our client base and their ability to fund capital expenditures; ▪ coordination by the OPEC+; ▪ civil unrest or political uncertainty in oil producing or consuming countries and other geopolitical conflict, including the ongoing conflict in the Middle East and between Russia and Ukraine; ▪ level of consumption of oil, gas and petrochemicals by consumers; ▪ availability of services and materials for our clients to grow their capital expenditures and to deliver product to market; and ▪ availability of materials and equipment from key suppliers.
The oil and gas industry has historically experienced periodic downturns, which have been characterized by diminished demand for our oilfield services and products and downward pressure on the prices we charge.
Our forecasts of client demand are based on multiple assumptions, each of which may introduce errors into the estimates.
The continuing instability in the Middle East, North Africa, South America and Ukraine, and the potential for activity from terrorist groups that the U.S. government has cautioned against have further heightened our exposure to international risks.
These sanctions may be imposed against certain countries, companies and individuals that may restrict or prohibit transactions involving the countries, companies and individuals identified, which may also further restrict or prohibit us in conducting sales and maintaining operations in any of these jurisdictions.
The geopolitical conflict between Russia and Ukraine has resulted in the U.S. government, European Union, the United Kingdom and other countries imposing broad-ranging and coordinated economic sanctions and export control measures against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk People’s Republic and the so-called Luhansk People’s Republic, including, among others: • a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; • a prohibition on commercial activities in the so-called Donetsk People’s Republic and the so-called Luhansk People’s Republic; • a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications (“SWIFT”), the electronic banking network that connects banks globally; • a ban on imports of Russian crude oil, certain refined petroleum products, and liquefied propane gas originating in or exported from Russia to the European Union, subject to limited exceptions; • a ban on imports of Russian crude oil, liquefied natural gas and coal to the United States; • a ban on new investment in the Russian energy sector; • a prohibition by the U.S. on exporting, selling, or supplying certain categories of services, including engineering services and petroleum services, to persons located in Russia; and • enhanced export controls and trade sanctions targeting Russia’s importation of certain goods and technology, including restrictive measures on the export and re-export of dual-use goods, stricter licensing policy with respect to issuing export licenses, and increased use of “end-use” controls to block or impose licensing requirements on exports.
Department of State, the Bureau of Industry and Security and Office of Foreign Asset Control, as well as the counterparts of these agencies in foreign countries.
The Company actively monitors changes in these regulations as they pertain to the goods and services we provide and their impact on our business, including our business partners and customers.
As the conflict in Ukraine continues, these sanctions may change and be expanded, which could further hinder the Company’s ability to do business in Russia or with certain Russian entities, which could have an adverse impact on the Company’s financial condition and results of operations.

and 497 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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