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  "documentTitle": "Core Laboratories (CLB)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2017-05-08 00:00:00",
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  "notes": "The slide uses a dual-axis combo chart (bar for revenue, line for capex) to illustrate business stability.",
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      "kind": "callout",
      "text": "And because Core’s business is tied to this, its revenue held up in the down-cycle and then grew in the recovery right along with capex outside North America.",
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      "text": "Revenue and Global E&P Capex (ex North America) 2005-2014",
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      "text": "International crude-oil projects come with multi-million dollar budgets and typically last for several years, which makes them less susceptible to the short-term volatility of commodity prices. When oil prices collapsed in 2008, capex outside North America barely fell. Oil quickly recovered above $90 a barrel in 2009 on its way to $100, where it hovered for the next four years. This led to a flurry of international capital spending. And because Core’s business is tied to this, its revenue held up in the down-cycle and then grew in the recovery right along with capex outside North America.",
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      "text": "Source: Global Capital Expenditures from Evercore ISI: The 2017 Evercore ISI Global E&P Spending Outlook, December 9, 2016. Revenues from Bloomberg LP, retrieved May 2017.",
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      "kind": "title",
      "text": "Core elation",
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