SUSTAINABILITY AT OUR CORE
Core Laboratories2 0 2 4 S U S T A I N A B I L I T Y R E P O R T
Forward
About This Report
Core Laboratories Inc. ("Core Lab" or "Core") takes a comprehensive approach to its sustainability strategy, providing disclosures that reflect the Company's commitment and progress toward goals.
Core's reporting is guided by universally recognized standards and frameworks, including the Greenhouse Gas Protocol, the Global Reporting Initiative, the Sustainability Accounting Standards Board, and the Task Force on Climate-Related Financial Disclosures.
As a member of the United Nations Global Compact, Core Lab is committed to providing an annual Communication on Progress. Core also aligns its sustainability strategy with the targets under the United Nations Sustainable Development Goals.
Contents
About
Sustainability
People & Communities
Health & Safety
4 | Company Overview
5 | Business Segments
5 | Financial Strategies
6 | Core Values
7 | Commitment to Sustainability
8 | Message From the Steering Committee Chair
8 | Steering Committee
8 | Sustainability Strategic Pillars
9 | Stakeholder Engagement and Materiality 10| Sustainability Goals
11| Focus Areas and Goals 12| Building Our Bench
15| Corporate Social Responsibility
16| STEM Outreach
17| Focus Areas and Goals 18| Health and Wellness 19| Safety Performance
AA ESG rating from MSCI
Sustainalytics - 26.1 Risk Rating and ranked 33 out of 95 (47th percentile) of Oil & Gas Equipment Subindustry
CDP Climate Change Score C - 2024 Industrial Support Services Europe Region and Water Security Score - C
EcoVadis Committed Badge
Society of Petroleum Engineer's Gulf Coast Regional Distinguished Corporate Support Award for 2024
Achievements and Recognition
Environment & Climate
Governance
Reporting
21| Focus Areas and Goals 22| Environmental Impact
27| Industry and Client Solutions
28| Focus Areas and Goals 29| Corporate Governance 30| Ethics and Compliance
31| Enterprise Risk Management 33| Supply Chain
34| Overview 35| TCFD
35| SASB Index 36| GRI Index
39| Performance Data
Larry Bruno
Chairman of the Board and Chief Executive Officer
Message from our CEO
"
"Core Lab is contributing to a more sustainable future through science, innovation, and responsible leadership. These actions are tightly aligned with the Company's commitment to deliver the most advanced and reliable reservoir analysis in the world, enabling our clients to maximize resource efficiency while minimizing environmental impacts.
I am pleased to introduce Core Laboratories' 2024 Sustainability Report. Core Lab remains steadfast in its commitment to sustainable growth, a foundational principle that continues to shape our long-term strategy and daily operations. Core's sustainability approach reflects our belief that responsible practices are essential to value creation. Grounded in our Core Values, this approach is the basis for Core Lab's Sustainability Strategic Pillars: People & Communities, Health & Safety, Environment & Climate, and Governance.
Throughout 2024, the Company's long-term vision remained focused on leading the industry in sustainable innovation-even while navigating a challenging global landscape shaped by geopolitical conflict, shifting energy demand, and macroeconomic uncertainty-setting a high bar for transparency, accountability, and responsible operations.
Core Lab is contributing to a more sustainable future through science, innovation, and responsible leadership.
These actions are tightly aligned with the Company's commitment to deliver the most advanced and reliable reservoir analysis in the world, enabling our clients to maximize resource efficiency while minimizing environmental impacts.
In 2024, Core continued to strengthen its operational footprint and expand key services, particularly in key international markets. At the same time, the Company continued to innovate technologies-such as our RAPID™ and CONNECT:™ ecosystems-to streamline data delivery and enhance client outcomes.
Core Lab also recognizes the extraordinary people behind the Company's progress-its employees. Their expertise and commitment to technical excellence are what power our performance. By combining their capabilities with our disciplined strategy and strong sustainability framework, we are well-positioned to help the energy sector navigate a rapidly evolving future, responsibly and effectively.
On behalf of the entire Company, thank you for your interest in our sustainability efforts.
About Core Laboratories
Company Overview
Core Laboratories is a Delaware corporation. The Company was established in 1936 and is one of the world's leading providers of proprietary and patented reservoir description and production enhancement services and products to the oil and gas industry, primarily through client relationships with many of the world's major, national, and independent oil companies. These services and products can enable Core Lab's clients to evaluate and improve reservoir performance and increase oil and gas recovery from their new and existing fields. Core Lab makes measurements on reservoir rocks, reservoir fluids (crude oil, natural gas, and water), and their derived products. In addition, the Company assists clients in evaluating subsurface targets associated with Carbon Capture and Sequestration projects or initiatives.
5 Business Segments
5 Financial Strategies
6 Core Values
Business Segments
Core Lab operates business in two segments. These complementary operating segments provide different services and products and utilize different technologies for evaluating and improving reservoir
Financial Strategies
Core Lab continues to follow the three financial tenets that management believes will drive total shareholder returns over the long term.
performance and increasing oil and gas recovery from new and existing fields.
Maximize Free Cash Flow
1
Core Lab follows a strategic approach to capital allocation for maintaining and growing its business and has the Company well-positioned for the ongoing expansion of exploration and production of oil and gas that will be required to meet rising global demand.
2
Maximize Return on Invested Capital
Production Enhancement
$178
Million
Reservoir Description
$346
Million
$524 Million
Core Lab 2024 Revenue
Core Lab strives to maximize return on invested capital through effective allocation of resources and execution of its growth strategies.
Reservoir Description
Encompasses the characterization of petroleum reservoir rock and reservoir fluids samples to
increase production and improve recovery of crude oil and natural gas from client reservoirs.
Return Excess Capital to Shareholders
3
Since 2002, Core Lab has returned excess capital to shareholders in the form of share repurchases, warrant settlements, dividends, and special dividends, totaling $2.7 billion.
Production Enhancement
Includes services and manufactured products associated with well completions, perforations, stimulation, production, and abandonment.
For More Information
Click here to view the Annual Report
Click here to view the 10K
1936
Established
Advanced Technology Centers
5
Regional Specialty Centers
18
6
Continents
50+
Countries
70+
Offices
Languages
30+
1998
NYSE Listed
~3500
Employees
Click here to view the Proxy
Core Values
Core Lab's five Core Values represent and establish the way 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.
What it means Why it matters
Safety Awareness
Empower employees with a sense of personal responsibility for managing work through open communication and a "zero harm" culture.
A strong safety culture can help reduce the risk of accidents and injuries, improve morale and productivity, and protect the Company from potential legal and financial repercussions.
Honesty & Integrity
Committed to treating everyone openly and fairly, with dignity and respect, regardless of differences.
Approaching work activities with honesty and integrity is crucial to demonstrating reliability and accountability, building stronger relationships within teams as well as with clients.
Customer Focus
Committed to building and maintaining the highest levels of customer service and satisfaction with colleagues and clients.
Focusing on customers, both internally and externally, builds quality, long-term relationships that can lead to stability and loyalty, translating to repeat business and increased profitability.
Building Trust
Promote an atmosphere of openness, respect, and
dignity, producing confidence in intentions.
Building trusting relationships impacts the long-term health and sustainability of Core Lab, ensuring positive engagement, productivity, and performance.
Employee Development
Invest in people to build a stronger workforce ready and willing to get the right results the right way, every time.
Core Lab is built by great people, doing outstanding work in often challenging environments. To maintain that level
of excellence, the Company invests in employee development.
Commitment to Sustainability
Core Lab strives to achieve its sustainability commitment in every aspect
8 Message From the Steering Committee Chair
Sustainability at Core Lab
8 Steering Committee
of the business. This includes careful consideration of the Company's social and environmental impacts and dedication to conducting work by the highest standards of ethics and corporate governance.
8 Sustainability Strategic Pillars
9 Stakeholder Engagement
9 Materiality
10 Sustainability Goals
Message From the Steering Committee Chair
In 2024, Core Lab continued to advance its sustainability goals through measurable actions aligned with its four Sustainability Strategic Pillars: People & Communities, Health & Safety, Environment & Climate, and Governance.
Key progress in 2024 included enhancing workforce training and engagement, improving safety performance metrics, and maintaining alignment with recognized reporting frameworks, meeting both stakeholder expectations and industry standards. The Company's approach enables Core to meet evolving market requirements, support the energy transition, and uphold strong governance practices across its global operations.
Steering Committee Chair Gwen Gresham
SVP, Corporate Development and Investor Relations
Core Lab remains committed to tracking performance against defined targets, reporting transparently, and integrating sustainability into business decisions that deliver long-term value for our clients, employees, and shareholders.
Sustainability Steering Committee
The Sustainability Steering Committee is a structured advisory forum that manages the enterprise-level sustainability strategy by identifying, evaluating, and responding to related risks and opportunities. The Committee provides annual updates on strategy, initiatives, and progress to the Nominating, Governance and Sustainability Committee of the Board of Directors, who represent the highest sustainability governance level at Core Lab.
Sustainability Strategic Pillars
Core Lab created its Sustainability Strategic Pillars to set the framework that establishes the Company's purpose and directs its efforts in sustainability.
People & Communities
Core Lab is committed to providing opportunities to employees to help them develop and excel, while achieving business results.
Health & Safety
Core Lab is committed to promoting a culture focused on the health and safety of people and takes a proactive approach to identifying and managing risks.
Environment & Climate
Core Lab is committed to reducing impact on the environment by conducting business compliantly with applicable regulations.
Governance
Core Lab is committed to embracing the principles of integrity and ethical conduct, which are paramount to achieving business success.
Click here to view the program
Stakeholder Engagement
Understanding industry and stakeholder priorities is critical to identifying topics that are material to Core Lab. To accomplish this, Core analyzes sustainability issues relevant to the industry, peers, and stakeholders. This process includes communication with clients, investors, employees, and suppliers, and reviewing information provided by reporting frameworks such as the Global Reporting Initiative and the Sustainability Accounting Standards Board. The engagement, through various channels across Core Lab's global value chain, helps the Company achieve alignment of purpose and maintain an environment and culture of cooperation and collaboration.
10
15
17
18
7
4
9
19
3
14
6
12
16
5
20
21
13
8
2
11
1
Higher
Materiality
Importance to Stakeholders
The information derived from both the stakeholder engagement exercise and the materiality assessment guides Core's efforts and enables the Company to develop goals that align with the Sustainability Strategic Pillar framework.
Lower
Lower
Impact on the Business
Higher
Materiality Topics:
People
& Communities
1 Workforce Management
2
Talent Attraction, Development, & Retention
3
4
Employee Engagement Community Outreach
Health & Safety
6
5 Employee Wellbeing Public Health
7
Occupational Health & Safety
Environment & Climate
9
10
11
12
8 Energy Transition Climate Change Environmental Footprint Ecological Impacts Water Management
13
Substance & Waste Management
Governance
15
14 Corporate Governance Transparency
16
17
Ethics and Compliance Business Resiliency
18
19
20
21
Privacy & Data Security Innovation & Technology Supply Chain Management Human Rights
Sustainability Goals and Targets
Core Lab developed focus areas and goals based on material topics key to the Company. These serve as the foundation for how Core Lab measures progress.
People & Communities | ||||||||||
Workforce Management Create a consistent global approach to handling employment actions | Percent managers engaged in policy and compliance training | 2024 Actual: 94% 2025 Target: 96% | ||||||||
Implementation of HCM system | 2024 Actual: Initiated 2025 Target: Complete | |||||||||
Employee Engagement Attract, retain, and develop a strong workforce | Average training hours per employee | 2024 Actual: 3 2025 Target: 4 | ||||||||
Percent voluntary employee turnover | 2024 Actual: 12% 2025 Target: 11% | |||||||||
Number of STEM activities | 2024 Actual: 5 2025 Target: 5 | |||||||||
Health & Safety | ||||||||||
Health & Wellness Increase awareness of the importance of physical and mental wellbeing | Percent engagement in health awareness programs | 2024 Actual: 13% 2025 Target: 20% | ||||||||
TRIR | 2024 Actual: .50 | |||||||||
2025 Target: .37 | ||||||||||
Safety Performance Protect health, safety, and security | Percent of Road Accidents | 2024 Actual: 10% 2025 Target: 0% | ||||||||
Percent of SSW recordable injuries | 2024 Actual: 26% | |||||||||
2025 Target: 10% | ||||||||||
Environment & Climate | ||||||||||
Climate Change Reduce carbon emissions from base year | Percent of total GHG emissions | 2024 Actual: 27% 2025 Target: 27% | ||||||||
Environmental Impact Reduce energy consumption | Purchased electricity in kWh | 2024 Actual: 41.8M kWh 2025 Target: 41.8M kWh | ||||||||
Governance | ||||||||||
Enterprise Risk Management Foster a culture of security awareness and ownership in securing client data | Percent completion of cybersecurity awareness training | 2024 Actual: 94% 2025 Target: 96% | ||||||||
Supply Chain Provide safe, fair, and ethical work conditions | Percent of U.S. and Canadian critical suppliers added to the supplier management system | 2024 Actual: 39% 2025 Target: 50% | ||||||||
People & Communities
Focus Areas and Goals
Core Lab is committed to providing opportunities to employees to help them develop and excel, while achieving business results. This is accomplished by focusing Core's efforts on goals to:
Workforce Management
Create a consistent global approach to handling employment actions
Employee Engagement
Attract, retain, and develop a strong workforce
12 Building Our Bench
15 Corporate Social Responsibility
16 STEM Outreach
Building Our Bench
The actions Core Lab takes surrounding employees are geared toward building a strong, sustainable, workforce that drives the Company toward
long-lasting success. Core achieves this through Building Our Bench, its employee-focused framework that outlines the Company's approach to workforce management and employee engagement:
Global Workforce
As of December 31, 2024, Core Lab's headcount totaled 3,161 permanent and temporary employees.
4.1%
3.0%
5.5%
12.6%
%
9.7%
processes, and systems, Core Lab provides resources and sets standards to aid employees in their success while ensuring the Company's ability to respond to employment needs timely, consistently, and compliantly.
31.7
Click here to view the data
Recruit
33.4%
Middle East North America Russia
South America
Click here to view the program
As an equal opportunity employer, Core Lab maintains a commitment to zero-tolerance on discrimination, harassment, and unprofessional behavior in employment practices.
Core Lab's recruiting processes are nondiscriminatory, and support and encourage the hiring and retention of diverse talent, based on the right skills to best serve clients. In 2024, Core Lab had 374 new hires.
Les Linklater
VP, People, Organization, and Culture
Aberdeen, Scotland
"Building Our Bench is the framework that reflects our commitment to supporting the people who make Core Lab successful. By investing in their growth and development, through well-designed programs, policies, and systems, we're building a stronger, more resilient organization, ready to meet the evolving needs of our business."
Click here to view the data Click here to view the policy
In 2024, Core Lab began implementing the streamlined, cloud-based workforce management system, Workday, to manage aspects of human resources. This supports Core's goal to create a consistent global approach to managing its workforce, achieve greater efficiency, and improve data accuracy.
Workforce Management
Goal Progress
Internship Program
Crucial to Core Lab's talent pipeline is its internship program which provides university students hands-on learning that corresponds with their educational and future career aspirations.
26
Students
8
Countries
Develop
Core Lab invests in its employees by providing training, coaching, personality assessments, and virtual learning. These opportunities are designed to help employees understand their role and how to maximize their career potential.
In 2024, employees spent 10,411 hours engaging in training activities. This averages three hours of training per employee.
Click here to view the data
In alignment with Core's goal to create a consistent global approach to handling employment actions, in addition to its annual compliance training,
Core Lab developed and delivered training based on three key Company policies: Nepotism, Rehire, and Performance.
94% Engagement
Workforce Management
Goal Progress
Perform
Through goal setting aligned with business objectives, ongoing feedback, and meaningful quarterly check-ins, employees are informed, empowered, and accountable for their contributions to Core's success.
Annually, employees are encouraged to create goals and take part in a year-end performance and career development review.
2,781
Employees
90%
Engagement
Leadership Development
Linette Gibbs
Financial Reporting Supervisor
Houston, TX USA
"I had the opportunity to participate in Core Leadership Essentials, one of Core Lab's leadership development programs. Through materials focused on enhancing leadership skills, improving communication, and strengthening teamwork, I gained valuable insight about my personal skills and how I can balance them with
those of others. It also provided a platform to meet peers from different areas of the Company. I'm glad I was able to participate!"
Click here to view the data
The role of a leader at Core Lab is to create an environment where employees can perform effectively, and the Company thrives. This is accomplished through Core Lab's flagship leadership development programs: Technical Leader, Core Leadership Essentials, Developing Your Leadership, and Business Leader Program.
To further enhance leadership development, Core partnered with S4K Research to offer leadership personnel across Core Lab access to curated content on a variety of leadership topics.
750+
Managers
89%
Engagement
Reward
Core Lab's Total Rewards approach aligns with its business strategy and country-specific market influences. Core offers competitive compensation and benefits programs in each country, and the reward programs are designed to motivate and engage employees, improve performance, and foster a positive work environment.
Insurance benefits
Health and Medical benefits Disability and Life benefits
Time off and alternate work schedules Maternity and Paternity leave
Lactation facilities for nursing mothers
Benefits Programs
Core's Total Rewards practices and programs are fair and impartial; Core Lab provides wages and benefits that comply with applicable laws and regulations in the countries where the Company operates. Depending on the specificity of each local market, the programs offered may include some or all of the following:
Advance
Core Lab helps employees excel in their careers by offering several forms of career progression opportunities based on skill, experience, business needs, and the employee's career aspirations.
In 2024, Core launched a company-wide talent assessment aimed at understanding the strength and depth of talent at all levels of the Company. Through the talent exercise, 2,405 employees were assessed to identify leadership potential, technical potential, and their retention risk to the business. From this data, the Company can strategically plan advancement and target development efforts.
In 2024, 273 employees were promoted or had a lateral change in position, an increase from the previous year. Additionally, total attrition remained steady at 16% in 2024, compared to 16% in 2023.
Click here to view the data
Max Podolyak
Technical Director
Abu Dhabi, UAE
"Taking on an international assignment was a turning point in my career. It expanded my global perspective, enhanced my adaptability, and gave me the cross-cultural leadership skills that continue to shape my professional growth."
13%
2023
In 2024, Core Lab developed a goal to focus efforts on retention of its workforce. Improving retention lowers costs, increases productivity, and
ultimately boosts revenues and profits.
Voluntary Attrition
Employee Engagement
Goal Progress
12%
2024
Corporate Social Responsibility
As part of Core's Corporate Responsibility commitments, Core Lab Cares, a global employee-driven initiative, creates a positive impact on the Company culture and the communities where employees live and work.
Canada
Held a "50/50 raffle" to raise funds to support Home of Hope, a non-profit organization that helps children, orphans, and women
Colombia
Participated in "Caps to Heal" by collecting caps from bottles and containers to transform into
reusable items like laundry baskets, which are sold to fund programs for boys and girls with cancer
At Christmas, worked with ASEMPTO, an association of companies, to donate toys to children who would otherwise go without during the holiday
Scotland
Held their annual MacMillan Coffee Morning event to raise funds for local cancer programs
Donations
Fundraising Efforts
Monetary Contributions
In-Kind Donations
Also raised money as part of their local "Christmas Jumper Day," an annual fundraising event supporting the non-profit, Save the Children
United Arab Emirates
Continued their annual food donation drive supporting local families in need by collecting non-perishable food items
United States
Held their 10th annual school supply drive supporting the Deer Park Independent School District's Community Resource Center
Raised monetary and food donations to benefit families in need through Cy-Fair Helping Hands and the Deer Park Community Food Pantry
Amber Tarol
Manager, HR Governance and Sustainability
Houston, TX USA
"As vital members of the communities in which we live and work, we have a responsibility to positively impact the lives of those in need around us. I'm pleased to be at a Company that supports its employees in these types of initiatives."
School Supply Items
STEM Outreach
Supporting science, technology, engineering, and mathematics ("STEM") education builds the future talent pool, critical to the long-term success of the industry. Some of Core Lab's STEM education efforts in 2024 included:
Aldine YWLA STEM Day
In January, Core Lab hosted several students from Aldine's Independent School District's Young Women's Leadership Academy ("YWLA"). During the day, the students immersed themselves in the world of STEM as they toured labs, heard from industry professionals, and engaged in hands-on experiments.
Click here to view LinkedIn post
SPE Student Symposium
On February 9th, Core Lab hosted the second day of the Society of Petroleum Engineers ("SPE") North America Student Symposium at its Advanced Technology Center in Houston, TX. Eighty students from universities across North America learned from experts about completions and core characterization and engaged in a core viewing demonstration.
Click here to view LinkedIn post
Murphy Oil Intern Tour
In support of National Intern Day, Core Lab hosted geoscience interns from Murphy Oil Corporation. During this hands-on event, the students toured labs, participated in workshops, and heard from industry professionals.
Click here to view LinkedIn post
Core Lab Kids STEM Day
More than thirty children of Core Lab employees visited the Houston Advanced Technology Center where they toured labs and learned about Rock Mechanics,
Petrophysics, Routine Rocks, and Hydraulic Fracking. The children concluded their
visit with a hands-on STEM activity about chemical reactions and polymers as they made color-changing slime.
Click here to view LinkedIn post
GHWCC Job Shadow Program
On November 8th, Core Lab hosted 30 high school students from Spring Branch ISD focused on furthering their education in STEM and one day pursuing
STEM-related careers. During their visit, the students toured labs and viewed demonstrations reflecting Core Lab's four main business units before ending the day with a hands-on activity.
Click here to view LinkedIn post
2024 Regional SPE Award
Core Lab was honored to receive the Regional Distinguished Corporate Support Award at SPE's Gulf Coast Symposium Awards and Scholarship Banquet. This award recognizes outstanding support by an organization and distinguished service to SPE members in the region through excellence in leadership and the commitment of time and resources.
Click here to view LinkedIn post
Health & Safety
Focus Areas and Goals
Core Lab is committed to promoting a culture focused on the health and safety of people and takes a proactive approach to identify and manage risks. This is accomplished by focusing efforts to:
Health and Wellness
Increase awareness of the importance of physical and mental well-being
18 Health and Wellness
19 Safety Performance
Safety Performance
Protect health, safety, and security
Health and Wellness
Health and Wellness Webinar Series
In 2024, Core Lab launched a series of health and wellness-related webinars for employees in the United States. In total, employee participation in the webinars reached nearly 600 hours.
Mental Health Communication Campaign
To mark World Mental Health Day, Core Lab launched a mental health awareness communication campaign in seven European locations. The purpose of this communication campaign was to remind employees of various self-care resources available while emphasizing the importance of mental health.
Giving the Gift of Life
Throughout 2024, employees in Houston and the UAE participated in life-saving blood donation drives.
Houston and Aberdeen Steps Challenge
Employees from Core's Aberdeen Advanced Technology Center coordinated a second annual step challenge totaling 8,339,083 steps.
Employees from Core's Houston Advanced Technology Center coordinated a challenge totaling 9,027,645 steps.
Hess 5K
In 2024, thirty-five Core Lab employees from locations across Houston joined together to participate in the Hess Houston Corporate Run 5K at Memorial Park.
The event promoted fitness and wellness in the workplace while encouraging team building and community engagement. Proceeds from the event benefited Houston's Memorial Park Conservancy.
~600
Health and Wellness Webinar Hours
$2,450
Memorial Park
Conservancy Donation
Donors
101
101
300
Pints of blood
Lives saved
17,366,728
Steps
108.5
5K Miles
Core Lab is committed to supporting the
well-being of its employees. The Company created a goal in 2024 to actively engage and educate employees on improving their physical and mental health. On this page are some of the activities
that supported and progressed this goal across the Company.
Health and Wellness
Goal Progress
Safety Performance
Core Lab is dedicated to protecting the safety and well-being of its employees. Core's senior leadership team champions the ongoing development, maintenance, and enforcement of a disciplined set of rules, rigorous training, regular assessment of potential risks and lessons learned, and development of mitigation strategies to prevent potential injuries and incidents.
Safety Performance
Goal Progress
Core Lab's safety performance goals and targets are based on a three-year average to provide a comprehensive look at the Company's performance trends. These are set with the aim to achieve a great year with zero injuries or incidents. Core's program evaluates the trends in areas where the Company has improved or needs improvement, and allows a clear view to reflect on past lessons and learn for the future.
Core Lab enforces mandatory 24-hour incident reporting to senior leaders including the Global Director Safety & Sustainability for all recordable classified incidents through an online database for timely case management. Business unit safety directors, managers, and officers work closely with the Global Director Safety & Sustainability to report, evaluate, and establish cause for each injury.
Three-year Safety Snapshot
Injury Case Rate - 3-Year Average
0.60
Vehicle Safety Training - AlertDriving Reduces injuries, operating costs, and liability exposure by proactively improving driver behavior and developing vehicle skills
Stop Work Authority
Empowers employees to stop work when they perceive an unsafe condition or behavior
Last Minute Risk Assessment
Evaluation conducted just before an event, activity, or task to identify and mitigate potential risks
Job Safety Analysis
Mitigates workplace hazards by breaking down job tasks into manageable steps and assessing risks of each step
Safety Committees and Executive Presentations
Focuses on corporate policy, best practices, messaging and alerts, incident reporting, and investigations
Short Service Workers
Prioritizes safety awareness and education for new hires with less than six months experience
Safety Program Components
0.40
0.37
0.44
0.45
0.20
0.13
0.14
0.13
0.00
2020-2022
LTIR
2021-2023 2022-2024
TRIR
Total Recordable Injury Rate (TRIR) & Lost Time Injury Rate (LTIR)
0.60
0.50
0.50
Injury Case Rate
0.40
0.20
0.31
0.10
0.08
0.24
0.00
2022
TRIR
2023 2024
LTIR
Click here to view the policy
Click here to view the data
Incident Severity and Occurrence
Core Lab's incident severity and occurrence metrics align with the Company's expected trend of a reduced number of incidents by severity, ranging from medical treatment cases up to fatality.
Safety Incident Occurrence
1,306
1,232
1,107
2022 | 2023 | 2024 | ||
Fatality | 0 | 1 | 1 | |
Lost Days Injury | 4 | 3 | 9 | |
Restricted Duty Injury | 1 | 11 | 8 | |
Other Recordable Injury | 3 | 5 | 2 | |
Non-Recordable Injury | 54 | 59 | 41 | |
Material Damage | 58 | 71 | 91 | |
Environmental | 16 | 11 | 10 | |
Near Accidents | 93 | 87 | 81 | |
Safety Observations | 1306 | 1232 | 1107 | |
250
Number of Cases
200
150
100
50
0
2022
2023 2024
Safety Performance
Goal Progress
Recordable Injury Incident Type
Action
2023 | 2024 | |
Cuts & Abrasions | 25% | 20% |
Lifting | 25% | 5% |
Road Accidents | 10% | 10% |
Short Service Worker | 40% | 26% |
Slips, Trips, Falls | 25% | 45% |
In 2024, Core Lab saw an improvement in the number of cuts and abrasions, the majority of which occurred within the Company's energetics manufacturing and warehouse operations. Core is addressing these injuries through communication and process improvements.
In 2024, Core Lab experienced significant improvement in the number of lifting incidents, especially from its manufacturing operation that implemented an "early reporting" initiative requiring employees experiencing minor pain or soreness, caused by either work or nonwork-related activity, to make an early report to a supervisor or manager immediately. This enables supervisors to adjust the employee's work for a short period of time, minimizing additional injuries from fatigue and repetitive physical tasks.
Core Lab regrets to report that it had one recordable injury from a road accident in 2024. The Company is committed to emphasizing, enforcing, and repeating critical training through the AlertDriving program to equip Core's workforce with the skills and knowledge required to perform work safely.
In 2024, Core Lab saw significant improvement in the number of incidents amongst its Short Service Workers ("SSW"). SSW's have less than six months of job-related experience; therefore, this program prioritizes safety awareness and education of Core's safety procedures to prevent accidents and work-related injuries.
In 2024, Core Lab saw an increase in slips, trips, and falls. The Company is focused on improving its safety procedures and practices by reinforcing the importance of conducting detailed investigations of the direct, contributing, and root cause of an incident, and documenting corrective actions through a "learning from incidents" communication to employees.
Click here to view the data
Environment & Climate
Focus Areas and Goals
Core Lab is committed to reducing the impact on the environment by conducting its business compliant with applicable regulations.
Climate Change
Reduce carbon emissions from base year
Environmental Impact
Reduce energy consumption
22 Environmental Impact
27 Industry and Client Solutions
Environmental Impact
Core Lab is committed to reducing its physical risks and environmental footprint associated with climate change while improving performance and sustainability in line with the global transition toward lower carbon sources of energy.
Environmental Footprint
Core Lab is focused on reducing its environmental footprint while increasing the Company's performance and improving its sustainability.
Client Sites
Core Lab Locations
Environmental Policy
To meet the requirements of its United Nations Global Compact membership, Core Lab conducts business in a manner consistent with applicable environmental regulations. In areas where environmental regulations do not exist, Core exercises practical care to protect employees, surrounding communities, and preserve the environment.
Certification
As part of managing the Company's environmental impact, some Core Lab locations have obtained ISO 14001 certification.
Carbon Disclosure Project
Environmental impacts are disclosed through the Carbon Disclosure Project ("CDP"), a global non-profit that runs the world's leading environmental disclosure platform.
Training
Managers and employees receive training that helps them understand their role in performing work-related responsibilities with consideration to Core's environmental commitments.
Program Components
Click here to view the CDP Corporate Questionnaire 2024
Click here to view the Environmental Policy
Click here to view the Energy Savings Plan
Jeremiah Diaz
Director, Health, Safety, & Environmental
Houston, TX USA
"The oil and gas industry has a responsibility to ensure operations are carried out in a manner that minimizes environmental impact. Core Lab shares in this responsibility and recognizes that sustainability and environmental compliance needs to be an integral part of our business practices. We continuously evaluate opportunities to reduce our environmental footprint as part of our broader commitment to this."
Mandy Swope
Manager Environmental & Safety Compliance
Godley, TX USA
"At Core Lab, environmental considerations are integrated into every stage of our product design, manufacturing, and implementation. Each phase of our process is assessed for opportunities to minimize environmental impact through reuse, recycling, substitution, and process optimization. Our objective is to deliver products that provide value to our customers while upholding our commitment to sustainability."
Biodiversity - Natural Lands
Since Core Lab does not have locations in natural, rural environments, the Company's biodiversity protection efforts are focused on ensuring Core complies with Good International Industry Practice ("GIIP"), as well as local laws and regulations. In the event Core Lab does choose to expand its existing facilities or open new locations, Core's senior operating managers consider local biodiversity issues to ensure the Company exceeds GIIP where possible. This biodiversity assessment is then reviewed by senior management before final approval is given for the new location.
Click here to view the Biodiversity Policy
In 2024, two Core Lab locations took part in tree planting activities which are essential to help local ecosystems re-establish vital habitats that have been lost due to deforestation and urbanization.
Colombia
Employees took part in the "Saving the Amazon" project focused on conserving the Amazon rainforest through various restoration and community support initiatives. Home to more than 10% of the world's known wildlife species, the Amazon's diverse forests, rivers, and savannas harbor the greatest known depth of species than any other ecosystem. The Amazon provides up
to 20% of the air we breathe, stores 25% of the world's water, and stabilizes Earth's climate. During this one-day event, employees planted 20 trees to help mitigate the effects of deforestation and promote biodiversity.
Air
Trees absorb CO2and remove pollutants from the air.
Water
Trees filter and purify water sources.
People
Trees provide jobs and resources
Angola
Core Lab partnered with Carpe Diem to support the Miradouro da Lua Project. Miradouro da Lua, which means "Viewpoint of the Moon" in Portuguese, is a geological formation located 25 miles south of Angola's capital city of Luanda. Aptly named for its resemblance to a lunar surface, the area is the product of years of natural and man-made erosion. Through its partnership with Carpe Diem on the Miradouro da Lua Project, Core Lab helped slow the negative biodiverse impacts to this natural wonder by planting trees and native species that contribute to the preservation and maintenance of the landscape.
for communities.
Earth
Trees strengthen the ground beneath by providing nutrients.
Daniel Batista
Assistant Branch Manager
Angola, Africa
"It is up to us to maintain environmentally significant places by planting trees and native species, promoting the scientific study of the geography, and even promoting tourist potential to help develop trade with local merchants. Thanks to the work of Carpe Diem, the Miradouro da Lua is today a sustainable site, one of the seven wonders of Angola! I'm very glad Core Lab provided the opportunity to support this cause."
Improved Core's operational Scope 1 and 2 GHG emission quantification methodology by integrating primary data
Quantified Scope 3 GHG emissions according to the fifteen Scope 3 categories outlined in the GHG Protocol Corporate Value Chain Guidelines
Conducted carbon pricing and focused analysis of the Company's operational footprint and value chain impacts, helping Core Lab to better understand and respond to risks and opportunities
Helped Core Lab set science-based targets for its Scope 1 and 2 emissions that could be certified and submitted to the Science Based Target initiative ("SBTi")
Project Components
Climate Change
Core Lab engaged S&P Global Sustainable1 ("S1") to assess the Company's operational and value chain greenhouse gas ("GHG") emissions in line with the World Resource Institute / World Business Council for Sustainable Development Corporate Standard Scope 1 and 2 and Corporate Value Chain Scope 3 Guidelines ("GHG Protocol"). Core Lab's data collection covers all Company locations by country, business activity,
and location.
The following charts present the results and findings of the S1 assessment of operational and value chain GHG emissions for the 2024 financial year.
(tCO2e)
(tCO2e)
(tCO2e)
(tCO2e)
Absolute Based Target for 1.5C with Target Date 2025
Science-Based Targets
Core Lab has been tracking its GHG emissions relative to SBTi for several years, expanding from six sites in 2015 to 21 sites in 2019 and the entire company in 2022. Core Lab will retire the SBTi on the 2019 boundary for years 2023 and 2025, having met the Company's targets. In view of Core's footprint in 2022 and 2023, and in alignment with SBTi recommendations, within the next two years, new SBTi targets will be set for the entire Company based on the new 2022 boundary.
Climate Change
Goal Progress
Click here to view the S1 Report
ABSOLUTE BASED Base Year TARGET, 2025 2018 | Target Year 2025 | Percentage Reduction |
Scope 1 emissions 4,541 | 3,322 | 27% |
Scope 2 emissions 12,490 | 9,136 | 27% |
Scope 1 &2 emissions 17,031 | 12,458 | 27% |
Scope 3 emissions 33,717 | 24,458 | 27% |
Total 50,748 | 36,916 | 27% |
Click here to view the data
Greenhouse Gas Emissions
The tables below summarize Core Lab's key environmental impacts, described in absolute terms and in intensity terms by revenue and employees.
SCOPE | Emissions (tCO2e) | Contribution (%) | tCO2e per revenue (mUSD) | tCO2e per employee |
Scope 1 | 11,675 | 48% | 22.8 | 3.4 |
Scope 2 - Location Based | 12,512 | 52% | 24.2 | 3.6 |
Total (Location Based) | 24,187 | 100% | 47.2 | 7.0 |
GHG Emissions Absolute and Intensity Values, FY2024 | ||||
Absolute Emissions (tCO2e)
30,000
25,000
20,000
15,000
10,000
5,000
0
Scope 1
Scope 2, Location based
47.2 50
22.8
24.4
24,187
12,512
11,675
3.4
0.07
3.6
0.07
35
30
25
20
15
7.0 10
0.14 5
0
Carbon Intensity
45
40
Total
Click here to view the data
Total Value Chain Scope 3 Emissions Total Scope 3 Emissions FY2024: 26,821
The total emissions from Core Lab's value chain were 26,821 tCO2e. Most come from its upstream value chain, with the remaining from downstream activities.
Emissions from Employee Commuting, followed by Fuel and Energy related activities, and Purchased Goods and Services are the biggest contributors to Core Lab's upstream value chain, with the combined share accounting for 66% of total Scope 3 emissions.
2%
Contribution %
21% | 9% | 22% | 11% | |||
9% | 23% | ||
0% 10% 20% 30% 40% 50% 60% 70% 80%
0.23% 0.46%
3%
90% 100%
Emissions from Use of Sold Products and End of Life Treatment of Sold Products account for less than 4% of Core Lab's Scope 3 footprint.
1. Purchased goods and services
4. Upstream transportation and distribution
7. Employee Commuting
10. End of life treatment of sold products
Click here to view the data
GROUP LEVEL ENVIRONMENTAL DATA | |||
IMPACT CATEGORY | IMPACT | UNITS | FY2024 |
Onsite Fuel Use | Burning Oil | litres | 3,588 |
Diesel | litres | 7,318 | |
Natural Gas | cubic meters | 1,423,963 | |
Natural Gas | kWh | 465,620 | |
Fuel Oil | litres | 8,426 | |
Company Vehicle Fuel Combustion | Diesel | litres | 483,410 |
Petrol | km | 2,442,258 | |
LPG | litres | 98 | |
Refrigerants | HCFC-22/r22 | kg | 128 |
Electricity | Purchased Electricity | kWh | 41,842,330 |
Water | Water Supplied | m3 | 92,551 |
Water Abstracted | m3 | 1,109 | |
Waste | Total Non-Hazardous Waste | tonnes | 258 |
Total Hazardous Waste | tonnes | 1,095 | |
SCOPE | CATEGORY | ABSOLUTE EMISSIONS tCO2e | |
Scope 1 | Stationary Emissions | 3,052 | |
Mobile Emissions | 7,035 | ||
Refrigerants | 1,587 | ||
Scope 2 | Electricity: Location Based | 12,512 | |
Electricity: Market Based | 24,603 | ||
Total Emissions (Location Based) | 24,187 | ||
Total Emissions (Market Based) | 24,278 | ||
GHG Intensity by Source
Scope 2 emissions calculated using a market-based approach are 24,278 tCO2e, slightly higher than the 24,187 tCO2e derived with a location-based approach. This is due to many geographies having higher residual emission factors than the average grid mix because a lot of renewable power generation is associated with contractual obligation and removed from residual calculations.
Environmental Impact
Goal Progress
Click here to view data
Operational Water Management
Core Lab's aggregated water consumption for FY 2024 is comprised of abstracted and supplied water sources as shown in the charts below.
Absolute Water Use, FY2024
Nature of Supply | Water Consumption (m3) | Contribution (%) | Intensity m3/mUSD | Intensity m3/Employee |
Water Supplied | 92,551 | 96% | 180.7 | 26.8 |
Water Abstracted | 3,557 | 4% | 6.9 | 1.0 |
Total | 96,108 | 100% | 187.7 | 27.8 |
Water Consumption (m3)
ATC
Inspection Services Field Services Manufacture Warehouse Distribution
10,000 20,000 30,000 40,000
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Industry and Client Solutions
Core Lab's industry-leading expertise and reputation for reliable and efficient reservoir optimization and production enhancement services enables the Company to contribute to supporting client and industry energy transition and climate change initiatives.
Core provides advanced capabilities that support various activities associated with these projects, including services that support carbon capture, utilization and storage, biofuel testing, and the evaluation and appraisal of mining activities around lithium and other elements necessary for energy storage.
Consortium
Core Lab and the University of Houston have partnered to offer membership in an industry-led consortium to address and understand the risks and challenges associated with geological storage of CO2. The 2024 focus areas included:
Nitrogen and CO2Flow Comparisons Sensitivity Analysis
Mineralogical Modeling
Click here to view the program
CO2Injection Projects
Core Lab offers technologically advanced services that provide scientific data important to the design of client projects that involve injecting CO2into geologic formations for permanent storage or
to improve recovery of hydrocarbons. In its laboratories, Core studies how CO2interacts with fluids in the reservoir as well as how CO2mobilizes residual oil within the reservoir.
Click here to view the program
Class VI Permitting Projects
Class VI permits require a comprehensive core analysis evaluation. Leveraging the Company's experience and existing technologies, Core Lab is equipped to conduct this data analysis to characterize the reservoirs, providing crucial data clients need to build their case to inject CO2for long-term storage.
Click here to view the program
Lithium Sourcing
Core Lab's expertise in subsurface exploration extends to critical and rare earth minerals essential for the energy transition supply chain. Core Lab's specialized techniques in rock and fluid chemistry and elemental analysis support efficient exploration and extraction, particularly with facilitating large-scale lithium sourcing and production.
Click here to view the program
Biofuel Testing Services
In response to the growth of the biofuels market, Core Lab offers testing services to all aspects of the biofuel supply chain. This includes testing of raw biomass products, process optimization and testing, and emissions trading certification including specialist products for the aviation and marine transport sectors.
Click here to view the program
Site Remediation
Utilizing its core sample testing expertise, Core Lab partners with external consultants throughout the United States to conduct testing and analysis needed for site remediation. Core's analysis provides the information clients need to interpret and decide the appropriate remediation method required.
Governance
Focus Areas and Goals
Core Lab is committed to embracing the principles of integrity and ethical conduct, which are paramount to achieving business success.
The areas that help the Company achieve this are highlighted by goals to:
Enterprise Risk Management
Foster a culture of security awareness and ownership in securing client data
Supply Chain
Provide safe, fair, and ethical working conditions
29 Corporate Governance
30 Ethics and Compliance
31 Enterprise Risk Management
33 Supply Chain
Corporate Governance
As a responsible operator, Core Lab maintains effective corporate governance and high ethical standards, which underpin its ability to create long-term value for shareholders, clients, and
employees. This governance begins with the Board of Directors.
The Board of Directors for Core Lab is a single-tier board consisting of seven directors divided between three classes. Each class is elected for a three-year term with one class of directors expiring at the annual meeting each year. The Company's Board also includes one Lead Director who has leadership authority and responsibilities and sets the agenda for, and leads all executive sessions of the independent directors, providing feedback, as appropriate, from those meetings to the Chairman of the Board.
Board Selection Process
Board Committees
The Board has three standing committees. The functions of these committees are as follows:
As part of the nomination process, the Nominating, Governance, and Sustainability Committee, together with the full Board, strives for an overall balance of diverse backgrounds and experience with a complementary mix of skills, viewpoints, and professional experience in areas relevant to the Company's business strategy.
Board Diversity
Board Highlights
Gender: Racial/Ethnic: Average Age:
29% 14% 67
The strength of Core Lab's board is a result of its diversity. The Company's Board of Directors is comprised of current and former executives of global, publicly traded companies and with experience from multiple industries and disciplines.
Sustainability Oversight
Core Lab's Nominating, Governance, and Sustainability Committee provides general oversight for most sustainability matters while the Compensation Committee provides guidance on certain items related to executive compensation.
For More Information
Click here to view the proxy Click here to view the 10K
Audit Committee | Compensation Committee | Nominating, Governance, and Sustainability Committee | |||||||||||
Click here to view the charters
Ethics and Compliance
Core Lab maintains a corporate self-governance and compliance program structured to ensure that the Company and its employees operate at the highest standards of ethical conduct and behavior.
Code of Ethics and Corporate Responsibility
Guiding the program is Core Lab's Code of Ethics and Corporate Responsibility (the "Code") which outlines the Company's commitment to ensure employees have the information they need to conduct themselves and Core's business ethically, responsibly, and compliantly.
Commitment to the Code forms the foundation for interacting with and supporting clients, suppliers, and other external groups. It reinforces specific and measurable actions the Company takes to improve the long-term well-being of its people, communities, and the environment.
Health and Safety
Information and Assets
Legal and Ethical Business
The "Code"
Respect for Others
Corporate Sustainability
Click here to view the code
Core Compliance Annual Training
Core Lab's annual compliance training helps embed the Code into the Company's culture. In 2024, 94% of Core's employee population completed the compliance training. The curriculum is assigned to all employees and includes:
Legal and Ethical Business Practices
Anti-Corruption, Export Controls, and Reportable Transactions and Conflicts of Interest
Respect for Others
Equal Opportunity, Human Rights, Unconscious Bias, Harassment and Unprofessional Behavior
Corporate Sustainability
Commitments, Stakeholder Engagement, Materiality, and the Strategic Pillar Framework
Health and Safety
Mission, Goals, and Programs
Employee Grievance Mechanisms
Core Lab's policy for grievance resolution and process for complaint-handling includes proactive measures for employees to submit workplace problems, complaints, or concerns without fear of retaliation and ensures protection for whistleblowers.
Issues reported are reviewed and investigated by the Corporate Compliance, Law, and Human Resources departments. The process ensures suspected misconduct or violations are properly and independently verified and investigated to conclusion. Responses to investigations are documented, including any disciplinary or corrective measures taken and findings are communicated to appropriate middle and senior management.
Reporting Methods
Privacy and Data Protection
Data Privacy and Cybersecurity Awareness
Helpline Management Human
Resources
Law Department
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