Core Laboratories (NYSE: CLB) reported Q1 EPS of $0.31, $0.04 worse than the analyst estimate of $0.35. Revenue for the quarter came in at $152.4 million versus the consensus estimate of $152.92 million.

Industry and Core Lab Outlook

On 12 April 2020, the Organization of the Petroleum Exporting Countries and non-members ("OPEC+") announced an initial reduction of crude-oil production of 9.7 million barrels of oil per day. As the remainder of 2020 unfolds, the OPEC+ agreement and possible COVID-19-related demand disruptions abate, the price of crude oil and, consequently, E&P industry activity, may modestly improve. Core believes the actions taken by E&P companies during the first quarter of 2020 in response to the decrease in the crude-oil price indicate lower overall activity in 2020 versus 2019, particularly with respect to U.S. land.

Core projects activity declines to continue internationally and in North America during the second quarter of 2020. The Company's clients are prioritizing operating plans for conducting their activities in this unprecedented environment. International activity is anticipated to decrease; however, not as sharply as the anticipated decline in U.S. onshore activity, year-over-year. There continues to be a high level of uncertainty with regards to the level and timing of Core's clients' activity. Consequently, Core is not in a position to provide quantitative quarterly guidance for the upcoming quarter at this time. From a qualitative perspective, the Company anticipates that the outlook for project work and international shipment of products will improve during the second half of 2020.

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