Core Laboratories provides reservoir analysis and production enhancement services and products to oil and gas companies. Founded in 1936, Core Lab operates in over 50 countries and serves major, national, and independent oil companies. Non-U.S. operations account for roughly two-thirds of revenue, with Europe, Africa, and the Middle East as the largest international region. Core Lab operates through two segments: Reservoir Description and Production Enhancement. Reservoir Description involves characterizing reservoir rock and fluids through laboratory testing, helping clients understand how much oil and gas is in a reservoir, how fast it flows, and how to optimize recovery. Production Enhancement provides perforating systems, diagnostic services, and tracer technologies that help operators optimize well completions and improve recovery. Services account for roughly 76% of revenue, with product sales at 24%. Core Lab's revenue is tied to global upstream activity — when oil and gas companies drill and complete more wells, they generate more demand for Core Lab's services and products. The business has several recurring characteristics: Core Lab's work spans the full reservoir life cycle, and the company conducts multi-company joint studies that it retains ownership of and can resell to additional clients. Core Lab also holds proprietary IP including patents, trade secrets, and a global database of rock and fluid measurements. These assets support pricing differentiation from commodity lab services. Because revenue tracks oil and gas capital spending, the business is cyclical.