Good morning, my name is Keena, and I will be your conference operator today. At this time, I would like to welcome everyone to the Core Lab Fourth Quarter 2013 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Thank you. Mr. Demshore, you may begin your conference.

Well, thanks Keena. I would like to say good morning to everybody in North America, good afternoon in Europe, and good evening in Asia Pacific. We'd like to welcome all of our shareholders, analysts, and most importantly our employees, to Core Laboratories' Fourth Quarter 2013 Earnings Conference Call. This morning I am joined by Dick Bergmark, Core's Executive Vice President and CFO; and Core's COO Monty Davis, who will present the detailed operational review. Also this morning I have the pleasure of introducing Chris Hill. He will be helping Dick and me with investor relations efforts. Chris has been with Core Labs for over seven years, most recently as our global corporate controller, located in the Netherlands. Prior to joining Core, he worked at Ernst & Young for eight years and Halliburton for six years. Many of you have already met Chris at our investor conferences, and I know he looks forward to working with you and meeting more of you in the future. The call will be divided into five segments. Chris will start by making remarks regarding forward-looking statements. Then we will give a brief investor update and highlight the three financial tenets by which Core's Executive Management executes the Company's growth strategies. We believe these three tenets have produced industry-leading shareholder returns and returns on invested capital. We will also discuss Core's long-held philosophy of returning excess capital back to our shareholders. Dick will then follow with a detailed financial overview, and additional comments regarding building shareholder value, Core's first-quarter and full-year 2014 outlook, and a general industry outlook as it pertains to Core's continued growth prospects. This outlook confirms our confidence in the trends of increasing activities in the international theater, especially deep water activities tied to crude oil and large LNG developments, and also unconventional tight oil reservoirs, not only in North America, but emerging plays in Russia, North Africa, and Australia, amongst others. Core also sees exceptional opportunities in the deep water Gulf of Mexico, with developments in the potentially prolific but technologically challenging lower tertiary fields. Then Monty will go over Core's three operating segments, detailing our progress and discussing the continued successful introduction of new Core Lab technologies that we believe will be disruptive, and are tied to completing, stimulating, and producing horizontal wells, and then highlighting some of Core's operations and major projects worldwide. Then we will open the phones for a Q&A session. I'll turn it back to Chris for some remarks regarding forward-looking statements. Chris?

Thanks Dave. Before we start the conference this morning, I'll mention that some of the statements we make during the call may include projections, estimates, and other forward-looking information. This would include any discussion of the Company's business outlook. These types of forward-looking statements are subject to a number of risks and uncertainties relating to the oil and gas industry, business conditions, international markets, international political climate, and other factors, including those discussed in our 34 ACT filings that may affect our outcome. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For a more detailed discussion of some of our foregoing risks and uncertainties, see item 1A, Risk Factors, in our annual report on form 10-K for the fiscal year ended December 31, 2012, as well as other reports and registration statements filed by us with the SEC. Our comments include non-GAAP financial measures. Reconciliation to the most directly comparable GAAP financial measures is included in the press release announcing our fourth-quarter results. Those non-GAAP measures can also be found on our website. With that said, I will pass the discussion back to Dave.

Okay, thanks Chris. Core's operations produced the Company's most profitable quarter ever, as the Company continued to benefit from our continued focus on international and deep-water activities, and unconventional oil plays in response to seemingly high oil prices and a dwindling global spark oil-producing capacity. This was our fifth consecutive quarter that Core has produced all-time quarterly highs for EPS, net income, and revenue. The focus on crude-oil related projects continued to build, as Core's revenue mix now is more than 80% oil, and less than 20% focused on natural gas. Moreover, most of the natural-gas-related projects emanate from the international theater, and are LNG related, with major projects in the eastern Mediterranean, offshore east Africa, and offshore Western Australia. Reviewing the Company's fourth-quarter results reveals Core's growth strategy of progressively working in more established and new field developments, while continuing to offer new technologies and services, will lead to revenue growth of 200 to 400 basis points higher than the increase in worldwide activity levels. Year over year, quarterly revenue and operating profit growth for the fourth quarter of 2013 is testament to the validity and robustness of the Company's growth strategies, and our underpinned by our operational excellence. We believe these trends to out-perform market activity leads – levels to hold, and are optimistic for North America and international growth trends for 2014. Therefore, our growth strategies and the execution by our operating units continue to serve our clients, our employees, and our shareholders well. Core's continued focus on high-return international crude-oil-related developments, especially those in the deep-water environments, unconventional oil resource plays, and the continued internal development of new technologies and services, has led to multiple years of sustained growth and increased profitability. We are not complacent on technological innovation, as indicated by Core's recent introduction of…

Thanks David. If we look at the income statement, revenues were $276.3 million in the fourth quarter, versus $254.5 million in the fourth quarter of last year, representing an 8.6% increase year over year. Of note, though, this increase was driven by our international non-North American activity, causing those revenues to increase by 17% year over year. For the full year revenues were $1.1 billion, up $92.4 million, or about 9.4%. Of these revenues, services for the quarter, $201 million, up 11% when compared to $181 million last year, or an increase of $20 million. For the full year, services were up 10.3%, $765.4 million versus $693.9 million in the prior year. Product sales for the quarter were $75.3 million, up 2.5% from $73.4 million year over year. For the full year, product sales were $308.1 million, compared to $287.2 million in the prior year, representing a 7.3% increase. Moving on to cost of services for the quarter, 57.2%, which was better than the 59.8% of revenue in the fourth quarter the prior year, and the full-year 58.1% was better than 59.5% in the full year 2012. Cost of sales in the fourth quarter and for the full year there was 70.8%, which was better than the 71.8% of revenue in the fourth quarter of 2002, and 72.7% for the prior year. All good improvements. G&A for the quarter $13.7 million, down sequentially, but up from $12.3 million in last year's fourth quarter. For the full year 2013, G&A was $52 million, and that represents about 4.8% of revenues for the year. We expect G&A to be around $53 million in 2014. Depreciation and amortization for the quarter $6.7 million, up from that incurred in last year's fourth quarter. For the full year it's $25.5 million, compared to $22.9 million…

Thanks, Dick. Fourth-quarter revenue of $276 million is growth of 9% over Q4 2012. Operating earnings of $88 million, excluding FX losses and an insurance gain grew 17% over Q4 2012, and operating margins improved 220 basis points to 32% for the quarter. We thank our 5,000 employees for a record quarter and a record year. A major customer was recently kind enough to e-mail me to include the following statement about our employees. Quote, I just want to let you know the respect I have for your Company. Your people set Core Lab apart. Trust me, as I think I've seen enough to be an expert on the subject. End quote. We feel the same way about our employees, and it's nice to hear this from a client. Reservoir description revenue of $136 million grew 6% over Q4 2012, yielding operating margins of 28%, a 60-basis-point improvement over Q3 2013. Core lab experts gave a seminar on reservoir characterization of horizontal wells, and our tight gas sand and then shale reservoir techniques and expertise in Brisbane, Australia, to acquaint clients with our newest lab. We began an in-depth study on the South Georgian Basin hydrocarbon potential for our client on their shale reservoir. Another client has us evaluating shale from six different formations in the Cooper Basin for gas production. We are also evaluating the hydrocarbon potential of a number of sand formations for oil accumulation and production. Our scientists have gotten our Brisbane lab off to a great start. PETRONAS Research and Scientific Services engaged Core Labs in a collaborative research project into the applicability of EOR processes to their fields in Malaysia. PETRONAS staff have been assigned to our lab in Houston to participate in the running of the test while Core Lab was building equipment to…

(Operator Instructions) Your first question comes from Rob McKenzie [ph] of Baird Capital.

Good morning, guys.

Good morning, Rob.

Hey, a question for you David on your recently announced investments in Iraq. I know you mentioned in your press release that your role of targets. But how do you like to think about the political risk, geopolitical risk to that, given the unrest in the region there? And how to adjust your return metrics to account for that?

Yes. A good question there, Rob. We're keeping a close eye on that. So far in that region, we really haven't seen some of the political unrest that we’ve seen in the southern and western part of the country, especially in Ambar [ph] province. So, we‘ll keep a close eye on that. We were originally going to make a move and starting to put assets in there in the first and second quarter. We probably will delay that a little bit and look at it may be as a third-quarter entry to get operational there. So, that will give us another 12 to 15 weeks to look at that. Still, risk adjusted, which we have added a higher risk factor in calculating what our return will be – the return still meet our investment hurdle. We think that in looking at these reservoirs, certainly there have been announcements of billions of barrels of oil that have been discovered there. The challenge will be that these reservoirs, most of them, are in fractured carbonates, and these oils are under saturated in natural gas therefore taking away one of the major driving factors for the recovery of oil from these reservoirs. Our goal will be to look at and trying to combine some of these under saturated crude oils. There's plenty of natural gas around and maybe gasify these reservoirs, as opposed to producing and flaring this gas and injecting it into some of these fields there. So, net net, the investment in their will be delayed a bit we still are comfortable with returns that we will get because of some of the technological challenges that confront operators in the region.

Great. Thanks. And you mentioned under saturated reservoirs numerous times from just now to the lower tertiary and so on around the globe. Is that something that is becoming a bigger problem than used to be? And if so, is that related to aging your reservoirs? Or is it just what we’re targeting now? What’s behind that?

Yes. I think it’s really the is from our clients up more and more reservoir fluids data. I think they’re studying the natural gas and crude oil water elements of these reservoirs much more today than they ever have in the past. You know it’s interesting when you look at core lab over the last 30 plus years, the company used to prevent all the rocks guys. I happen to be rock guy, and I’m one of the dinosaurs last here because if we look at the company now, more and more, the fluids guys rule the roost. That being our clients are now asking for more and more sophisticated reservoir fluids data and I think that is leading to the conclusion that a lot more reservoirs around the world are under saturated in natural gas that we ever thought. But we‘ve been doing a lot of work on trying to determine what fluids we can add to that reservoir to in a sense we gasified that reservoir adding an additional drive factor for the recovery of that crude oil. So, as we look at the company we actually generate now more revenue from reservoir fluids than we do from analyzing the rocks. I think that is a major factor in understanding crude oils around the world and under saturated crude oils and natural gas being a primary culprit in the lower recovery rates than some of these reservoirs that we now see.

Great. Thanks. And coming back to the rock for a brief moment if I may, with the growth in unconventional, how big a portion of your total core analysis would you say GRI is now versus more conventional core analysis?

Well, if we look at the company, still right now about 25% of our revenue is generated from unconventional reservoirs. I think that will continue to increase. We know that in looking at unconventional reservoirs that we are going to see longer laterals and we know that we need additional stages to drain these reservoirs. Right now, the average stages separated by somewhere between 400 and 450 feet. We know we are not draining those blocks effectively so we're going to need additional stages spaced more closely together.

Okay. And then for my final question, if you'll bear with me, exactly on that topic. We have heard a lot of folks from the Marcellus to the Permian talk about the success and stage length of 220 to 250 feet. How would you characterize where the industry is in accepting that approach? Is that still early stages? Or are we approaching acceptance of that concept?

Still early stages. You have some early adopters that are doing a great job, companies like Pioneer, EOG, Cabot. These are great believers in additional stages, over pumping profit to screen out knowing that they need additional stages more closely together to drain those reservoirs effectively. That‘s all good news for a company named Corian [ph].

Great. Thank you. I’ll turn it back.

Okay, Rob.

Your next question comes from the line of James West, Barclays. James West – Barclays Capital: Hey. Good morning, guys.

Good morning, James. James West – Barclays Capital : Dave, looking at your forecast for kind of activity growth and revenue growth this year, there's a little bit of a disconnect between you know what the capital budgets are suggesting. I know you have seen our spending outlook and where we have – global EB spinning about 6% year-year-year ’14 versus ’13. But you obviously just in a higher number. Could you talk about what’s driving the spend between our numbers and maybe – what you guys are actually seeing?

Actually, James, we're pretty much in sync. If you think that our view on our business model is to grow to 200 to 400 basis points faster than the industry spend, you’re showing 6%, we are saying… (Crosstalking)

What? So, we're pretty close. James West – Barclays Capital: Okay, okay. That makes sense. Another question but maybe a broader question since you guys are going to be experts here on oil prices and global supply, there is a lot of pushback from the market right now about the trajectory of oil prices are the direction of oil prices most people expecting both WTI import prices to fall and some people expecting a dramatic fall. Could you highlight your thinking as you‘re planning your business out because if you’re thinking about the business this and take it into consideration but how are you guys thinking both of each and then of course international as prices go forward?

Yes. We want to make it clear that we’re not experts on oil prices but James our assumptions are based on – as you know we are peak oil guys. James West – Barclays Capital: Right.

And that spare capacity still globally is rather limited. We are encouraged by the amount of increase in consumption worldwide. You know finally, year-over-year we are seeing increases in the amount of gasoline that’s being used here in the United States, which we think is a real positive. So, keeping that in mind, we still see rather high crude prices and certainly breath anything over $100 a barrel can certainly fund major developments around the world, deepwater developments around the world, while still allowing for a lot of these major oil companies to return excess capital back to their shareholders. And we’re seeing more and more of that. Where we think the industry will be effective will be in the exploration dollars that are spent [ph] going forward. That’s one of our key focuses in this company that we look at and over 85% of our revenue is tied to production and developments of field, as opposed to the exploration side, which is less than 15% of our business. We think that exploration budgets will be affected much more by the return of that capital. We won’t be drilling those wells off of Greenland anymore but we’ll be looking at spending additional dollars in developing the fields. So, our outlook is that Brent face north of $100 than for 2014 going forward spare capacity becomes less and less. James West – Barclays Capital: Got you. And then one last question for me. Dave, you talked about title of place. You open up in Russia with Africa, Australia. Could you discuss in a little detail the cadence of that activity, you know how quickly you think these should ramp up to be real significant parts of your business?

Yes. Well, as you know for years we’ve been very high on this organic rich Silurian aid [ph] Gotlandian shale that underlies all the fields in Libya, Tunisia and to a lesser extent, over into Egypt. It's a political consequence there why activity has not ramped more quickly. Right now, you have ENI [ph], you have Shell, so you have big companies that are indeed drilling vertical wells into the sections and we’ve done numerous work there on looking at vertical wells. I think it will be up to the political climate there one that becomes a bigger part of the push her unconventional developments in North Africa. James West – Barclays Capital: Okay, great. Thanks, guys.

Okay, James.

Your next question comes from the line of Kurt Hallead, RBC Capital Markets Kurt Hallead – RBC Capital Markets: Hey, good morning.

Good morning, Kurt. Kurt Hallead – RBC Capital Markets: So, the question I have for you guys is that you know you indicated this morning and many times before about the prospect of growing your revenue base you know 200 to 400 basis point higher or greater than the activity levels in general. And you also referenced in your press release today, new technology developments and continued technology development as well as entering new markets. And my – I’m curious to get your perspective as to whether or not these new technologies in the entrance of these new markets could potentially lift that basis point differential above activity. And if so, whether or not you think that can happen within the course of the next – you know is that something that can happen within the course of the next 12 months? Or is that something that could happen over the course of the next you know three-year period?

Yes. I think that’s a good question, Kurt. Actually, if you look at 2012 and 2013, actually that growth rate was more than 400 basis points higher than the gain in the worldwide activity level. We are still comfortable in using that algorithm because over the last decade it’s turned out to be either that case or a little bit higher than that. Well, right now we are not comfortable in raising that but if the continue trend does occur, where we’re growing 500 to 600 basis points above worldwide activity, we’d be willing to do that. So, there is potential upside to 2014 numbers. All we have done is plug in the 200 to 400 basis points that we have used over actually the last decade plus. So, when you are adding technologies like the FLOWPROFILER, as Monty spoke about or the Kodiak perforating systems, and we tend – as you know answer 40 to 50 new fields a year, there is the potential for that. Kurt Hallead – RBC Capital Markets: Okay. Got it. All right. Actually that was when my only question. Everything was pretty clear. So…

Okay. Thanks, Kurt. Bye.

The next comes from Danny [INDISCERNIBLE] with Partners.

Good morning, guys.

Good morning.

My first question is queue on strong and usually used to be a week quarter seasonally. Did this change with the business model and your projects are getting longer and did – the seasonality does not affect you on so much?

Actually, very good Vinnie [ph]. Yes. With our de-emphasis of our activity levels in Russia, which is highly effected by climate, as you know we have had two reductions in our asset base in Russia, still have 400 employees there and a nice business that has taken some of the seasonality out of our business. Moreover, when we look at the North Sea which is also seasonal, more of that work has now turn toward fluids work, which is collected from production platforms as opposed to new drilling. So, when you add those two areas – yes, we are seeing less seasonality than we had let's say five years ago.

All right. Okay. Thank you. And then my next question is the computer [INDISCERNIBLE] project that you were talking about in the press release, it’s a great thing. Isn’t it the first time that you guys streamlined data or you had it before? Just not with this now?

This has to do with the rapid system. I will turn it over to Monty.

Okay.

Yes, Vinnie [ph]. This is a system we have had for a number of years and have built up. Obviously, as in the software world these things are expanding and improving. This is a system we developed in-house that we host that allows our clients to not only use our data from reservoir analysis, fluid analysis, core analysis, the production enhancement services, such as the FLOWPROFILER but also there are other data that they’re bringing such as log and geophysical and bringing it all together. It also is in a cloud environment and it makes it where there other people in different parts of the world, different parts of the company. Even in Houston, if they are in five or six offices, they can all be looking at the same data and working together on their projects. So, it’s a software that we developed initially for supplying the customers with our data and driven it but we’ve expanded that out and we have a number of clients that use that, as their main production database for formation and information.

Thank you so much. Thank you. There’s no more questions.

Okay, Vinnie [ph]

Your next question comes from Ole Slorer, Morgan Stanley. Ole Slorer – Morgan Stanley : Hi, there.

Good morning, Ole. Ole Slorer – Morgan Stanley : Hey, good morning to you. I couldn't help but looking at your fourth quarter revenues in the production announcement, down slightly yet your – well, 3.5%. If your margins held in there – that’s a little bit unique I would say, even talking about incremental margins or the major do you do the things about the other way and at this case they didn't. Can you explain a little bit what is going on? Is it the new technologies? It is the customer? Is still in mix change also or forth? So, could you elaborate a little bit? Is it more? Is it a trend within your organization?

Yes. Good question, Ole. When we look at the combination of revenues in production enhancement, we are getting more contribution from a FLOWPROFILER and things like the Kodiak perforating system. So, when we look at the contributions for those, those new technologies and services tend to be priced that – with an operating margin that has a for, sometimes a five in front of it so those incremental margins that it is adding – when we compare year-over-year you see the margins continue to go up. Also, we had a very favorable comparison in Q3. If you look Production enhancement a year ago in Q3 that was a quarter that was a lot less than it was in the fourth quarter, so you got a very favorable comparison there. When we look at fourth quarter comparisons, it’s a little bit tougher but it’s a contribution of those newer technologies that tend to be priced with EBIT margins with a four and five in front of it that’s going to push the incremental margins. Ole Slorer – Morgan Stanley: Great. How big a penetration do you have compared to it could go – question but can you give us some kind of sense of the maturity or penetration and the mature and the importance in overall. In other words, for how long could this trend continued to play out within your mix?

Yes. That better – Ole is in the on deck circle. We have a long way to go in rolling that out. Not only in North America but globally. So, a lot of time left to run on that clock. Ole Slorer – Morgan Stanley : Okay. I’ll leave it at that. Thank you very much.

Okay, Ole.

The next question comes from Byron Pope, Tudor Pickering. Byron Pope – Tudor, Pickering, Holt & Co. Securities: Good morning, guys.

Good morning, Byron. Byron Pope – Tudor, Pickering, Holt & Co. Securities: Just one question here and you guys have fairly misses the importance of deepwater to the company's organic growth going forward. And so I think about the 2014 revenue guidance relate the a percent 10% year over year, based on the work that you have on tap over the next 12 to 18 months, how should I think about the bigger beneficiary in terms of your business? Is it going to be reservoir description or production enhancement? Just trying to gauge the growth, the deep-water growth driver for Core Labs in 2014.

Yes. Great question. When we look internationally certainly deepwater is going to be more reservoir description where I think the deepwater market is a little bit more mature it’s going to be contributions in the deepwater Gulf of Mexico to both reservoir description and production enhancement. So, when we look at the contribution of the deepwater, I’ll say it will be more to reservoir description because it is going to be a greater catchment area globally, production enhancement will be more – right now because of the majority of the market looking at more of the deepwater off of Mexico especially when we look at the expectation that will occur over the next over year's of these lower tertiary discoveries that we had over the last three to four years. Byron Pope – Tudor, Pickering, Holt & Co. Securities: Thanks. Thanks, guys. Appreciate it.

Okay, Byron.

Your next question comes from Blake Hutchinson, Howard Weil. Blake Hutchinson – Howard Weil Incorporated : Good morning, guys.

Hello, Blake Blake Hutchinson – Howard Weil Incorporated : You know I just wanted to stick with the deepwater theme because that seems to be the most depressing matter at least today. And you laid out a scenario here David where you felt like $100 oil, $100 grand drudges about anything, any new project is economic in the deepwater. If that’s the case, are we reaching here the culmination of your view that we’re just so personal limited that the company's actually prosecute much more in terms of projects of size than we’re doing today so this may be a multiple year you know process of having a flat market and working through some of the major projects that are already in pipeline?

Absolutely correct. If we look at some of the deepwater Gulf of Mexico projects that have been delayed, that is all personnel related. When we look at some of these lower tertiary developments, all of these platforms are right now being replanned and redeveloped to try to lower costs. So, when we look at the amount of personnel, and we are very from there was a major oil company that right now has delayed a lower tertiary development now into their second and probably we’ll go into the third year, is just a matter of being able to have enough engineering personnel for the redesign of that entire platform. So, you’re correct, we do see deepwater continuing to be very important. Although, the development activity will be at a lesser pace owing to the shorter term of qualified personnel. I think there will be plenty of drilling assets available over the next two or three years. It’s just the qualified personnel within the major and major independence are still a little short. That being said, when we look at the petroleum engineering departments across this country and across the world, we now have them jammed with students that want to participate in this industry. I just go back 10 years and look at the petroleum engineering class at Penn State. We had two new freshman – two new freshmen that year, now we have over 100. So, I think that is a trend that will over the next several years play out to the benefit of service companies and major oil companies and major independence alike. Blake Hutchinson – Howard Weil Incorporated : And I guess as an extension you know just trying to get some more specific color of how deepwater pause may actually impact your business. If we take a major client let’s say a deepwater client like a Petrobras. You know we’ve seen Pierce [ph] come out and [INDISCERNIBLE] for the year are somewhere from flat to definitively down. I take it from some of your commentary in the release that you still see that as a definitive growth market for Core Labs even in this kind of pause environment.

Yes, that is correct. If you look at Petrobras still our largest national oil company client around the globe. Remember, a lot of our revenues generated one drilling rigs don’t have to be running. We do a lot to work on reservoir fluids. As we know some of the reservoirs offshore, deepwater, pre-salt Brazil, again as a Rob Mackenzie mentioned are under saturated in natural gas. So, a lot of the fluids work that we are now doing for Petrobras is tied to trying to come up with formulas to regasify those fields so we can increase the recovery rates. So, don't think about revenue being tied directly to drilling rigs running. A lot of our revenue is generated from field, especially on the fluids side of one rigs don't have to be running. So, that is a benefit that we have here at Core Lab in looking at the way that we generate our revenue. Blake Hutchinson – Howard Weil Incorporated : Great. And then, just quickly, Dick, the exit from Argentina that you cited in the release, I take it that’s more an announcement that she will be servicing the market or taking assets out rather than not doing business and we need to make an adjustment in the model?

Yes, that’s correct. We’ll continue to attempt to address the market profitably from other locations. So, we’ll import in products or we’ll do the for example the analytical work in our Bogota, Columbia facility or in Houston. So, we’re just saying the local infrastructure is going to be product down to nail and then we will service the market from outside.

Yes, Blake, we have rocks right now from the [INDISCERNIBLE] in this building. So, again, we’ll service that market from here. The operator is located here in Houston and he brought his rocks back with them and so we’re working on that from Houston Texas. Blake Hutchinson – Howard Weil Incorporated : That’s great. Thank you so much for your time.

We’ll take one more question, Tina. Operator Your final question comes from the Brandon Dobell, William Blair. Brandon Dobell – William Blair & Company: Yes, excuse me. And guys appreciate it.

Thanks, Brandon. Yes. Brandon Dobell – William Blair & Company: One quick one, how do you guys view the opportunity to go back in and to re-complete or fix the wells that were drilled, four, five, six years ago? I guess that as from two perspective. One, the product side for you but also on the fluid side. Do you feel like you got a big opportunity there the next two or three years or is a longer timeframe for that?

Oh no, Brandon. I think you hit the nail on the head. If you look at some of the completions in the Barnett shale, remember five years ago had a three-stage frac was a big thing. And I remember saying at that time, we’re going to look back at that and say, these complex completions are going to look elementary in five or six years. The work that we're doing today on some of these laterals that might be 8,000 or 9,000 in length and 30 stages, as we look forward, we’re going to be looking at 15,000 foot laterals and they may have 60, 70, 80, 90 stages. So, yes, huge opportunities for some recompletions. I think if you went back and looked at our Q2 release we talked about the recompletions of some Woodford Shale wells up in Oklahoma where a new operator took over that acreage, went back and recomplete it and I think some of the productions were double to triple what was the original completion in the Woodford Shale. So, good revenue opportunity for us not only on the product side but also on the rocks and fluid side. Brandon Dobell – William Blair & Company: So, is that the key trigger is going to be either a change in the owner that drives that kind of spending? You know if you’re thinking about the buckets of spending North America where two people drag their money out to go re-complete? Or is it just going to be a new operator has the cash to do it because he feels there is production upside?

Yes. Brandon Dobell – William Blair & Company: Or can your existing guys go back five, eight years later and say we have to find ways to boost this production?

Yes. Both. But what we find is a new operator is more apt to go in and do something to that field because he’s bought those assets at a reduced price because it is based on the production at that time. Brandon Dobell – William Blair & Company: Right.

If he can go back in there and boost, he’s going to boost his return on invested capital.

The Permian is a great example of that.

Yes. Over 1 million wells drilled in the Permian basin to date and we’ve got over 1 million more to drill. Brandon Dobell – William Blair & Company: Okay. Thanks, guys. Appreciate it.

Okay, Brandon.

Okay, Brandon. Thank you. It’s on summary, course operation post another solid quarter but we know we can do better. We have never been better operationally or technologically positioned to help our clients expand their existing production base. We remain uniquely focused and of the most technologically advanced reservoir optimization company in the oilfield services sector. This positions Core well for the challenges ahead. So, in closing would like to thank all of our shareholders and the analysts that follow. And as already mentioned by Monty Davis the executive management and board of Core Laboratories give a special thanks to our 5,000 worldwide employees that have made these outstanding results possible. We are proud to be associated with their continuing achievements. So, thanks for spending your morning with us and we look forward to our next update. Goodbye for now.

This concludes today's Core Lab fourth quarter 2013 earnings conference call. You may now disconnect.