In February 2016 we celebrated Core Laboratories’ 80th anniversary. From the beginning, we have focused on innovation and technology leadership to enhance our clients'
success and drive our growth.
Here are some historical highlights:
Core analysis as a commercial service is introduced to the petroleum industry by Core Laboratories.
The early work of James A. Lewis, Core Lab’s first President, on the determination
of the permeability coefficient of a porous media became a guideline for those involved in controlled oil production.
Core’s second employee, W. L. (Bill) Horner, conceived the summation of fluids method for measuring porosity by adding the oil and water content and void space in a core sample. He also patented the downdraft retort used in oil and water measurements and developed the method of injecting mercury into a sample to determine its
Core Lab opened a full-time Research and Development Department.
Core also began performing highly specialized core analysis tests to produce data that would enhance production from known oil reserves. This was the origin of “special” core analysis.
The Company began to conduct reservoir fluid analyses.
Core performed our first field study on the East Coalinga field in California.
The first international project involved off-location analysis of core samples from the first commercial oil well in Chile.
John D. Wisenbaker, Core’s president from 1950 to 1984, developed the “quick-freeze” method of preserving cores so that they could be transported to centrally
located laboratories where data could be obtained comparable to data secured when cores were tested immediately at the well site.
The Company introduced drill cuttings analysis and provided the service in mobile “mud logging” vehicles at
the well site.
A group of nine key Core Lab employees bought controlling interest in the Company
from then-parent company, Case Pomeroy.
The Special Core Analysis laboratory was established under Bill Aufricht to provide
measurements and data that were not commercially available anywhere else for use
in reservoir engineering studies.
The Engineering and Consulting Department was officially formed, undertaking
a number of assignments in Mexico, the Kuwait/Saudi Arabia Neutral Zone, and
Canada, before signing a long-term agreement in 1955 to be the official consultant
to the Iran Oil Exploration and Producing Company.
Core introduced the core-gamma surface log, which could detect the exact subsurface interval from which core had been cut by providing data to be correlated
with downhole gamma logs.
Also at this time, R.J. Granberry was refining processes relating to sidewall core analysis. He devised a method of correlating core analysis and wireline data
to determine the minimum resistivity required for production. Further, he developed the concept of “critical water”, which permits determination of the maximum
amount of water that may be present in a formation without producing excessive water.
Core’s introduction of whole core analysis allowed identification of more complex lithologies and enabled the Company to provide clients more detailed
analyses of heterogeneous formation characteristics.
Bill Aufricht, Frank Reudelhuber, and Ralph Jenkins conducted the first core analysis seminar — in Midland, Texas.
The Research Department created a core photography system that operated as an attachment to the core-gamma surface logging equipment. It permitted full-color,
foot-by-foot photographs of the core to be taken with an automatic camera mounted over a conveyor belt carrying core for log recordings.
Core Lab was a privately owned corporation with annual gross revenue of about $7,700,000.
With five oil company clients, Core conducted a prestigious research project to produce
a mathematical model and related computer programs for investigating and predicting
the performance of a wide range of hydrocarbon-producing reservoirs under various
conditions. The result was the Company’s first compositional model formulation.
Core went public, selling 150,000 shares of stock over the counter at $11.50 a share.
Core Lab was listed on the American Stock Exchange.
The International Department introduced the first online computerized mud logging systems.
The Company had over $28,000,000 in sales, from operations on all continents except Antarctica.
Annual profit went over $2,000,000 for the first time.
Gross revenue exceeded $100,000,000 for the first time, reaching $115,280,000.
Period of hibernation within Western Geophysical Company
Litton Industries, Inc., bought Core Lab for $190,000,000, or $33 per share.
Core became a division of Western Atlas International, a Litton-Dresser joint venture, which included Core Laboratories, Western Geophysical,
Atlas Wireline, and a number of other integrated oilfield services companies.
Litton decided to sell Core Lab, and Core’s executive management arranged to buy it.
In the first year of operating independently, Core’s revenue was up 15%, and net income was $8,000,000, compared with a net loss of $529,000 in 1994.
Revenues exceed $100 million
Established Production Enhancement Segment
Core Laboratories was listed on The New York Stock Exchange.
Revenues exceed $300 million Enhanced Joint-Industry Consortium Capabilities
Increased Reservoir Condition Fluid Testing Technologies
Enhanced Advanced Reservoir Rock Analysis Technologies
Announced Commercial Development of HERO™ (High Efficiency Reservoir Optimization) Perforating Gun System Designed to Enhance Productivity from Hard Rock Reservoirs
Developed SuperHero™ Perforating Charge for Completions of Shale Reservoirs
10-Years on the NYSE
Revenues Exceed $780,000,000
Market Cap Exceeds $4 billion
Total Shareholder Return Outperformed OSX Index Members Over the Same Time Period
Core’s market capitalization exceeded $5 billion.
Introduced HTD-Blast™ Perforating Gun Conveyance Technology for Multiple Stage Completions in Horizontal Wellbores
Global Roll-out of Reservoir Condition Fluids Testing Capabilities with Latest PVT Lab Instrumentation
Announced RSAT™ Laboratory Methodology to Increase Reservoir Recovery Rates by Altering Water-Wet Conditions of Shale Reservoirs
Core Laboratories celebrated a dual listing in May when it was added on The Euronext Amsterdam Stock Exchange. Core’s European ownership climbed as
high as 20% during the next year, the highest European ownership of any major NYSE-listed oilfield services company.
15-Years on the NYSE
Revenues exceed $1 billion
Added as a member of the OSX Index
Introduced FLOWPROFILER™ diagnostics to determine hydrocarbon production stage-by-stage
Core Laboratories was honored to be included as one of the fifteen oilfield services companies that comprise the Philadelphia Oil Service Sector Index (OSX).
2-year anniversary on Euronext Amsterdam Exchange
Introduced KODIAK™ enhanced perforating system which combines HERO® perforating charge technology with proprietary propellant pellets to
boost the perforating/stimulation event by lowering formation breakdown pressure
Core Acquired Sanchez Technologies in 2015. This has increased the efficiency of Core's Laboratory automation program that is helping to reduce operating costs
Over the last 80 years Core Lab has evolved into the
industry’s technology leader in Reservoir
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