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  "documentTitle": "Core Laboratories (CLB)",
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  "authorName": "David Einhorn",
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  "notes": "The slide uses a visual metaphor of a 'Deep Water' warning sign to contrast with the 'Shale' market.",
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      "text": "While a 1,000 foot core from deepwater offshore West Africa is a $2-$3 million opportunity, a similar core from North American shale generates only one-tenth the revenue.",
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      "text": "revenue per core: $200,000 - $300,000",
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      "text": "This is a problem for Core because North America isn't a big opportunity in the high-margin Reservoir Description segment. Shale doesn't have complex reservoirs so there's little need for the ultra-high tech services that Core specializes in.",
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      "text": "While a 1,000 foot core from deepwater offshore West Africa is a $2-$3 million opportunity, a similar core from North American shale generates only one-tenth the revenue.",
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      "text": "Deepwater core analysis: $2,000,000 - $3,000,000\nShale core analysis: $200,000 - $300,000",
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      "text": "Source: April 20, 2017 Q1 2017 CLB earnings call.",
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