Climate Change Data

Environmental Metrics

ESG Focus Areas

• People and Community
• Health and Safety
• Environment
• Governance

Environmental Achievements

• Reduced GHG emissions by 7% from FY2020 emissions (33,775 tCO2e in FY2021)
• Launched a joint-industry Carbon Capture and Sequestration Consortium (CCS) to enhance the industry’s ability to assess the technical risks and challenges associated with geological sequestration of CO2.
• Announced a strategic alliance with Talos Energy, Inc. to provide synergies around the technical evaluation of CCS project opportunities.
• Made a financial donation to Dr. Birol Dindoruk of the Cullen College of Engineering at University of Houston to support his research around CCS.

Social Achievements

• Recognized by the Bloomberg Gender Equality Index for five consecutive years.
• Implemented recruiting practices that support and encourage the hiring and retention of diverse talent.
• Offered a wide range of technical and non-technical development opportunities to employees.
• Launched specific in-person and virtual training that focused on Employee Engagement, Employee Development, and Customer Engagement.
• Enhanced the well-being of communities where we do business through our Core Lab Cares community outreach.

Governance Achievements

• Transferred United Nations Global Compact membership to corporate level membership.
• Revised approach to defining and understanding material topics related to sustainability.
• Strengthened sustainability disclosures through better alignment with recognized reporting frameworks and standards, such as the Task Force on Climate-Related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board (SASB).
• Aligning sustainability efforts with the Targets that underpin the United Nations Sustainable Development Goals (SDGs).

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic and its effects on global crude oil demand.
• Business disruptions due to quarantine protocols, restricted travel, delays in product delivery, projects delays, as well as cost cutting measures.
• Recent crude oil market conditions, the COVID-19 pandemic and reduced demand for services.

Mitigation Strategies

• Adopted several health and safety precautions to ensure that employees, clients, suppliers, and anyone visiting our facilities felt safe.
• Took part in several initiatives to assist our communities through the hardships created by COVID-19.
• Continuously review and update our global pandemic preparedness policy and COVID-19 Symptomatic and Positive Response Plan.
• Created a global communication plan that included email blasts, FAQ documents, CoreConnect Articles, flyers and notices outlining Core Lab’s health and safety expectations and guidelines.
• Implemented a continuity plan across our global organization to protect the health of employees while servicing our clients.

Supply Chain Management

Responsible Procurement

• Supplier Code of Conduct

Climate-Related Risks & Opportunities

Physical Risks

• Water Stress
• Flooding
• Heatwave
• Coldwave
• Hurricane
• Wildfire
• Sea Level Rise

Transition Risks

• Financial impacts associated with the energy transition

Opportunities

• Opportunities in emerging energy transition initiatives, including CCS, hydrogen storage, and lithium extraction.

Reporting Standards

Frameworks Used: Greenhouse Gas Protocol (GHG Protocol), Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), Task Force on Climate-Related Financial Disclosures (TCFD), United Nations Global Compact

Certifications: ISO 14001, ISO 45001, ISO 17020, ISO 17025, ISO 9001

UN Sustainable Development Goals

• SDG 2
• SDG 3
• SDG 4
• SDG 5
• SDG 7
• SDG 8
• SDG 9
• SDG 10
• SDG 12
• SDG 13
• SDG 16

The report outlines how various initiatives contribute to these goals.

Sustainable Products & Innovation

• Technologically advanced services that provide scientific data used when designing projects involving the injection of CO2 into geologic formations for permanent storage or to improve recovery of hydrocarbons.

Awards & Recognition

• AA ESG rating from MSCI Sustainalytics
• Bloomberg Gender Equality Index

Environmental Metrics

ESG Focus Areas

• Environment & Climate
• People & Communities
• Health & Safety
• Governance

Environmental Achievements

• Reduced carbon emissions from base year 2018 to 21% by 2023 and 27% by 2025 (target)
• Launched a joint-industry Carbon Capture and Sequestration (CCS) Consortium
• Formalized collaboration with Talos Energy Inc. to deliver CCS solutions
• Assisted clients in submitting Class VI permits for CO2 injections
• Conducted subsurface evaluations for lithium extraction opportunities

Social Achievements

• Established the People Program to identify, attract, develop, and retain talent
• Launched Building Our Bench strategy to attract, engage, and retain a diverse workforce
• Enhanced the well-being of communities through Core Lab Cares
• Launched Core Lab’s Summer Internship Program in the US and participated in the Scientific Technologies Foundation Apprenticeship in the UK

Governance Achievements

• Voluntarily delisted shares from Euronext Amsterdam and redomesticated the parent company from the Netherlands to the United States
• Enhanced Human Resources governance foundation, restructuring global policies to follow the Employee Life Cycle
• Updated Grievance Resolution policy to provide clear conduits for grievance resolution

Climate Goals & Targets

Environmental Challenges

• Disruption in traditional crude oil supply and trade patterns caused by the Russia-Ukraine conflict
• Continued global pandemic
• Business disruptions due to COVID-19 including quarantine protocols, restricted travel, delays in product delivery, project delays, and cost-cutting measures

Mitigation Strategies

• Reduced net debt, strengthening the Company’s balance sheet
• Implemented a continuity plan across the global organization to protect employee health while servicing clients
• Significant decline in COVID-19 cases in 2022

Supply Chain Management

Responsible Procurement

• Supplier Code of Conduct outlining expectations regarding business ethics, labor and employment rights, environmental health and safety, social responsibility, and global trade practices
• Centralized purchasing methodology to reduce redundancies and costs

Climate-Related Risks & Opportunities

Physical Risks

• Water stress
• Flooding
• Heatwave
• Cold wave
• Hurricane
• Wildfire
• Sea level rise

Transition Risks

• Financial impacts associated with energy transition

Opportunities

• CCS projects
• Lithium mining
• Environmental site remediation projects

Reporting Standards

Frameworks Used: Greenhouse Gas Protocol (GHG Protocol), Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), Task Force on Climate-Related Financial Disclosures (TCFD), United Nations Global Compact

Certifications: ISO 14001:2015, OHSAS 18001:2007, ISO 17020, ISO 17025, ISO 9001:2015, ISO 45001:2018

UN Sustainable Development Goals

• SDG 2
• SDG 3
• SDG 4
• SDG 5
• SDG 7
• SDG 8
• SDG 9
• SDG 10
• SDG 12
• SDG 13
• SDG 16

Core Lab aligns its sustainability strategy with the targets that underpin the United Nations Sustainable Development Goals (SDGs).