Core’s PAC technology successfully created communication between the casing strings, maintained the integrity of the 20-inch outer casing and reduced rig time, all while allowing for the efficient recovery of the interior casing. Also during the third quarter, Core’s expertise in completion diagnostics were employed to assess various refract methodologies. Refracts presents an opportunity to cost effectively add hydrocarbon production from under stimulated wells. Core’s completion diagnostic technologies allow operators to assess various refract methods to establish the most profitable and effective approach in a given area. An operator was seeking a method to improve overall zonal coverage in their unconventional reservoir refract treatments.
Treatments that involve adding perforations and then refracting the entire lateral in a single stage known as bullhead frac were unable to effectively stimulate the toe-half or the far end of the lateral. As a possible solution, a liner was placed inside the heel half of the original lateral making it possible to refract the toe-half of the well in multiple stages. While somewhat successful, this option came at a substantial cost. Alternatively, the operator implemented a treatment design involving the placement of an expandable liner to isolate the heel half of the lateral. This also enabled refracting in multiple stages. The operator enlisted Core Lab to write its flow profiler engineered oil tracers to assess the post-frac oil contribution from each stage of the refract.
And to evaluate the effectiveness of this novel hybrid treatment design. Flowback oil samples analyzed in Core’s analytical laboratory indicated overall improved treatment coverage and substantially greater oil contribution from the more economically deployed expandable liner approach. Whenever innovations and completions and stimulation design are attempted, Core Lab’s expertise in completion diagnostics can be used to better understand how the process actually worked in the subsurface. That concludes our operational review. We appreciate your participation. And Merlis, we will now open the call for questions.
Operator: Since there are no questions posed at this moment, I would like to turn the conference back over to Larry Bruno for closing remarks. Go ahead.
Larry Bruno: Thanks, Merlis. Okay, we’ll wrap up here. In summary, Core’s operational leadership continues to position the company for improving client activity levels in both the U.S. and international markets for 2023 and beyond. We have never been better operationally or technologically positioned to help our global client-based optimize their reservoirs and to address their evolving needs. We remain uniquely focused and are the most technologically advanced client-focused reservoir optimization company in the oilfield service sector. The company will remain focused on maximizing free cash and returns on invested capital. In addition to our quarterly dividends, we’ll bring value to our shareholders via growth opportunities driven by both the introduction of problem-solving technologies and new market penetration.
In the near term, Core will continue to use free cash to strengthen its balance sheet while always investing in growth opportunities. So in closing, we thank and appreciate all of our shareholders. and the analysts that cover Core Lab. The Executive Management Team and the Board of Core Laboratories give a special thanks to our worldwide employees that have made these results possible. We’re proud to be associated with their continuing achievements. So thanks for spending time with us and we look forward to our next update. Goodbye for now.
Operator: And the conference has now concluded. Thank you very much for attending today’s presentation. You may now disconnect.
