Also in the quarter, we initiated a position in Core LaboratoriesNV (CLB, Financial), which is a provider of reservoir description and production enhancement services in the oil and gas industry. In response to recent headwinds within the operating environment, management recently announced prudent enhancements to an existing cost reduction plan, which we believe will help CLB achieve its free cash flow targets and reduce debt levels. Longer- term we expect current challenges will continue to soften and believe this asset light business will deliver modest growth in reservoir description. We also think CLB will see increased activity in fracturing rock, which should increase output in well completions and fuel longer term growth of the production enhancement sector.
From John Rogers (Trades, Portfolio)' Ariel Fund second-quarter 2020 commentary.
