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Core Lab Has the Strongest Moat in the Industry

For one, it possesses the strongest economic moat across our entire oilfield services coverage. The company's foundational core analysis business in the reservoir description segment, in particular, has been virtually unchallenged over the past three decades. The downturn in oil and gas activity beginning in late 2014 has depressed financial results for most oilfield services companies, and Core Lab hasn't fully escaped the effects.