ChampionX Corporation (CHX): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the financial engine behind ChampionX Corporation, now a crucial part of SLB, which pulled in about $3.57 Billion USD in Trailing Twelve Months revenue near the end of 2025. Honestly, understanding this business model is key to seeing how they drive value-it's a complex mix of proprietary chemical formulations, specialized artificial lift equipment, and digital optimization platforms. For instance, just their Production Chemical Technologies brought in $523.4 million in Q1 2025, showing the sheer scale of their field service and product sales. I've mapped out the nine core blocks below so you can see exactly where the value is created, how they spend their money, and who their major customers are. Take a look; it's a defintely insightful snapshot of a major player in production optimization.

ChampionX Corporation (CHX) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin ChampionX Corporation's value delivery, especially in the context of its late 2025 integration with SLB. These alliances are critical for scale, technology deployment, and market access.

SLB (Schlumberger) for enhanced global reach and technology integration

The most significant partnership, now an acquisition, is with SLB. This deal, initially announced in April 2024, was consummated around July 16, 2025, following regulatory clearance from the UK Competition and Markets Authority (CMA) on July 16, 2025. The transaction value was $8.2 billion, or $7.75bn according to some reports. ChampionX shareholders exchanged their shares for 0.735 SLB common shares each, resulting in them holding approximately 9% of SLB's total outstanding shares post-merger. The combined entity aims to drive customer value through deep industry expertise and digital integration across the entire production lifecycle. SLB anticipates realizing annual pretax synergies of about $400 million within the first three years following the closing date. This integration strengthens SLB's position in the production and recovery space, which is a less cyclical market aligning with SLB's returns-focused strategy.

Here's a quick look at the deal mechanics:

Long-standing supplier partnerships for global chemical and equipment supply chain

ChampionX Corporation has historically relied on a network of established supplier relationships to maintain its global footprint in delivering chemistry solutions and engineered equipment. These partnerships are vital for securing raw materials and components necessary for their Artificial Lift systems and chemical production, ensuring operational continuity. While specific financial terms with all suppliers aren't public, the scale of ChampionX's operations, which generated $3.6 billion in revenue in 2024, underscores the volume managed through this network. The integration with SLB is expected to further optimize this supply chain through combined scale and purchasing power.

Technology collaborations for digital and emissions monitoring solutions

ChampionX has actively pursued collaborations and internal developments to bolster its digital and sustainability offerings, which are now integrated into the broader SLB platform. These efforts focus on efficiency, monitoring, and compliance.

• ChampionX introduced its ESP Digital Ecosystem in May 2025.
• The Aerial Optical Gas Imaging (AOGI) Platform secured EPA approval for regulatory compliance.
• A partnership with a midstream company resulted in a 64% emissions reduction between 2022 and 2023 for that client.
• Digital product revenue for ChampionX in Q4 2024 reached $62.3 million, marking a 7.5% sequential increase.
• The company's TEAMS (Technical Excellence and Account Management Support) Centre and DREAM (Digital Remote Expert Access Manager) monitoring app are key components of its remote service delivery model.

Joint development agreements with key National Oil Companies (NOCs)

The combined SLB-ChampionX entity is shaping its engagement with National Oil Companies (NOCs) by leveraging integration capabilities to add resiliency and diversity against the industry backdrop. The focus is on maximizing producing assets through Production and Recovery solutions, which is a growing part of the business. For instance, SLB noted in early 2025 that growth in the Middle East and Asia would be balanced, with expected increases in the United Arab Emirates, Kuwait, Iraq, China, and India offsetting declines elsewhere. This indicates active, though often non-exclusive, development and service relationships across major NOC-controlled regions. The strategy involves developing new growth pathways in low-carbon and digital infrastructure, which often requires specific agreements with national entities to deploy new technologies.

ChampionX Corporation (CHX) - Canvas Business Model: Key Activities

You're looking at the core engine of ChampionX Corporation's value creation, the things they absolutely must do well to keep the lights on and deliver for shareholders. As a seasoned analyst, I can tell you these activities are deeply tied to their physical assets and intellectual property, especially leading up to the July 2025 acquisition by SLB.

Manufacturing and servicing of artificial lift systems and engineered equipment is a huge part of their operation, falling mainly under the Production & Automation Technologies segment. This involves making and maintaining the hardware that keeps wells flowing. For the first quarter of 2025, this segment brought in $264.4 million in revenue, showing a slight sequential dip of 2%. Remember, this segment also includes digital technologies, so that number reflects both the physical equipment and the software services wrapped around it.

Next up is the Research and development (R&D) of chemical and digital technologies. This is where the future value is baked in. While R&D spend isn't explicitly broken out in the Q1 2025 top-line numbers, the performance of the chemical segments gives you a clue about the success of their innovation pipeline. The Production Chemical Technologies segment generated $523.4 million in revenue, even with an 8% sequential decrease due to seasonal international sales. Meanwhile, the specialized Reservoir Chemical Technologies segment actually saw a 23% sequential revenue increase to $26.9 million, which suggests targeted chemical solutions are gaining traction.

The Global supply chain management and logistics for chemical distribution is critical for those chemical revenues. ChampionX managed to post an overall Adjusted EBITDA margin of 22.1% on $190.9 million in Adjusted EBITDA for Q1 2025, which is impressive given the logistics involved in moving specialized chemicals globally. Their ability to manage costs and deliver product is reflected in their consistent cash generation; they hit their twelfth consecutive quarter of positive Free Cash Flow at $38.6 million in that same period. That cash flow is the proof of effective supply chain execution meeting demand.

Finally, Field service and technical support for production optimization programs is the direct interface with the customer, ensuring the equipment and chemicals work as intended. This activity supports all segments but is heavily embedded in the Production Chemical Technologies and Production & Automation Technologies revenue streams. The company reported a total revenue of $864.5 million for Q1 2025, and their ability to maintain a strong cash position, with $66.8 million in Cash from operating activities, shows that the service component is effectively converting into working capital.

Here's a quick look at how the revenue broke down across the key operational areas in Q1 2025, which directly reflects the scale of these activities:

The overall financial performance stemming from these activities in Q1 2025 included:

• Total Revenue: $864.5 million.
• Net Income attributable to ChampionX: $85.8 million.
• Income before income taxes margin: 12.1%.
• Free Cash Flow: $38.6 million.

To be fair, the trailing twelve-month revenue ending with Q1 2025 was reported at $3.57 Billion USD, showing the run-rate ChampionX was operating at before the July 2025 closing of the SLB merger. Finance: draft pro-forma cash flow statement incorporating Q1 2025 results by next Tuesday.

ChampionX Corporation (CHX) - Canvas Business Model: Key Resources

You're looking at the core assets that power ChampionX Corporation's operations as of late 2025. These aren't just line items on a balance sheet; they are the engine for their specialized service delivery.

Proprietary chemical formulations and intellectual property (IP)

The value here is locked in the chemistry and the patents protecting it. Historically, the Drilling Technologies segment generated nearly 80% of its revenue from products, showing the deep reliance on proprietary hardware and chemical applications.

A significant recent validation of their IP in emissions technology occurred in March 2025 when ChampionX Emissions Technologies' Aerial Optical Gas Imaging (AOGI) platform secured approval from the U.S. Environmental Protection Agency for the Methane Alternative Test Method outlined in OOOOb.

Investment in this area remains a priority, with R&D spending reported at $82 million for the full year 2024, fueling the product pipeline that continues into 2025.

Global manufacturing and blending facilities network

The physical footprint supports the chemical delivery model, ensuring products are available where needed across onshore and offshore production sites. This network is essential for the Production Chemical Technologies segment, which reported Q1 2025 revenue of $523.4 million.

The company's ability to service global operations is reflected in its Trailing Twelve Months (TTM) revenue as of late 2025, which stands at approximately $3.57 Billion USD.

Advanced digital platforms like XSPOC 3.1 and SMARTEN XE ESP

These platforms represent the intellectual capital applied to operations, moving the business toward autonomous optimization. The SMARTEN XE ESP control system is engineered to capture all well events with 1-second data resolution using the SMARTEN Edge device, providing a granular, real-time view.

The XSPOC 3.1 software release includes advancements in setpoint optimization and AI-driven autonomous control, allowing the system to adjust operations without human intervention based on predefined parameters.

The tangible value of this digital resource was demonstrated in Q1 2025 when the company secured a new customer specifically based on the advanced capabilities of the SMARTEN XE ESP control system.

The Production & Automation Technologies segment, which houses these digital offerings, reported Q1 2025 revenue of $264.4 million.

Highly specialized field engineers and chemical scientists

The human capital is the final, critical resource, translating the IP and digital tools into field results. ChampionX Corporation has approximately 7,100 employees as of the end of 2024.

This workforce supports all segments, including the Reservoir Chemical Technologies business, which saw a 23% sequential increase in revenue in Q1 2025.

Here's a quick look at the scale of the business supported by this workforce, based on the latest reported quarter:

The company's ability to generate consistent cash flow, with $38.6 million in free cash flow reported for the twelfth consecutive quarter in Q1 2025, is a direct result of deploying this specialized team against its proprietary assets.

ChampionX Corporation (CHX) - Canvas Business Model: Value Propositions

You're looking for the hard numbers that define what ChampionX Corporation is selling to the market as of late 2025. Forget the fluff; here is the concrete data showing where the value is being generated, based on the latest available figures from the first quarter of 2025 and current market context.

Maximizing oil and gas recovery through advanced artificial lift systems

ChampionX Corporation is a top-ranked player in the Artificial Lift Systems market, which is estimated to be worth $14.04 billion globally in 2025. Their digital offerings, like the LOOKOUT optimization services, provide deep insights, featuring over 80 data visualization points on a single dashboard to help engineers prioritize interventions and maximize efficiency. The company's Integrated Production Optimization (IPO) solution has seen expanded implementation by a Permian operator across newly acquired acreage, placing all new wells and Electric Submersible Pump (ESP) replacements under the program. This focus on recovery and reliability is a core driver of their Production & Automation Technologies segment.

Reducing operational costs and downtime via production chemical technologies

The Production Chemical Technologies segment was the largest revenue contributor in Q1 2025. This division delivered $523.4 million in revenue for that quarter. The segment maintained an adjusted segment EBITDA margin of 20.8%, showing strong profitability even with sequential volume dips. The value here is in chemical solutions that extend equipment run-life and optimize fluid separation, directly lowering intervention costs for operators.

Real-time production optimization and asset integrity management via digital solutions

Digital tools are integrated across the portfolio. For ESP operations, the LOOKOUT optimization services leverage the SMARTEN XE control system, which captures well events with 1-second data resolution. This provides real-time control and visualization of chemical usage and maintenance needs. The company's overall financial health reflects this operational focus, having generated positive free cash flow for the 12th consecutive quarter, with Q1 2025 FCF at $38.6 million.

Lowering carbon intensity with methane emissions monitoring and control (e.g., Aura™)

ChampionX Emissions Technologies offers solutions like the Aerial Optical Gas Imaging (AOGI) platform, which secured U.S. Environmental Protection Agency (EPA) approval as a Methane Alternative Test Method under OOOOb. This approval is a significant value proposition for compliance. The AOGI platform is capable of surveying over 150 sites daily, enabling rapid detection and repair. In a concrete example of impact, a midstream company partnered with ChampionX to achieve a 64% emissions reduction between 2022 and 2023 using tailored monitoring solutions.

High-performance polycrystalline diamond cutters (PDC) for drilling efficiency

The Drilling Technologies segment provides tools designed for high durability in demanding environments. ChampionX Polycrystalline Diamond Cutters (PDC) inserts are offered in various sizes, with standard inserts ranging in diameter from 5 mm to 25 mm and length from 3 mm to 25 mm. For hammer bits, the inserts range from 13 mm to 25 mm in diameter and 19 mm to 35 mm in length. These cutters are engineered to enhance rate of penetration, which translates directly into lower dayrates for drilling projects.

Here's a quick look at the segment revenue contribution from Q1 2025, which informs the current scale of these value propositions:

The Trailing Twelve Months (TTM) revenue as of late 2025 is reported at approximately $3.57 Billion USD, showing the overall scale of the business that delivers these specific value propositions. The company posted an overall Adjusted EBITDA of $190.9 million in Q1 2025, representing a 22.1% margin.

Finance: draft 13-week cash view by Friday.

ChampionX Corporation (CHX) - Canvas Business Model: Customer Relationships

You're looking at how ChampionX Corporation (CHX) locks in its clients, which is key, especially now that the company is navigating the final stages of its acquisition by SLB, which received stockholder approval in June 2024. The relationships are built on deep technical integration, not just transactional sales. This focus helped deliver a Q1 2025 revenue of $864.5 million and a Trailing Twelve Months (TTM) revenue of approximately $3.57 Billion USD as of 2025.

Dedicated, long-term service contracts for chemical and equipment programs

ChampionX Corporation emphasizes securing its revenue base through long-term commitments, particularly in the chemical space, which is its largest revenue contributor. The company views its intense customer focus as central to creating value for all stakeholders. For instance, in late 2024, ChampionX was chosen by a Canadian operator to be their sole supply partner for production chemical programs, a clear indicator of a deep, long-term relationship structure designed to support longer asset life. This contrasts with competitors who might offer less integrated service models.

The scale of these chemical relationships is significant, as evidenced by the Q1 2025 segment performance:

High-touch technical consulting and field support for complex operations

The relationship model relies heavily on technical expertise delivered directly to the client site or remotely. ChampionX Corporation supports its offerings with a global team of technical experts. The company employs more than 6,600 personnel globally, including 400 scientists and technologists in 60 countries who bring application engineering expertise directly to customer challenges. This high-touch approach is crucial for complex artificial lift and chemical injection systems.

This technical support is increasingly digitized, reducing the need for physical travel while maintaining high service levels. For example, the remote-access TEAMS (Technical Excellence & Account Management Support) Center and the DREAM monitoring app connect field personnel with experts anywhere in the world using augmented reality technology. These capabilities substantially reduced the need for personnel to travel to the site to problem solve, which directly improved safety and efficiency for clients.

Integrated solutions approach, combining chemicals, equipment, and digital tools

ChampionX Corporation actively pushes an integrated model where chemicals, equipment, and digital monitoring work together, moving beyond selling discrete products. This is where the digital adoption numbers become concrete evidence of the relationship depth. In Q1 2025, revenue from digital products alone was $57.8 million.

Key examples of this integration driving customer success include:

• 4000+ wells successfully migrated in Q1 to the XSPOC ® production optimization software for data-driven artificial lift decisions.
• Deployment of 120+ of the new SMARTEN™ Lite rod pump controllers, offering low-cost automation and remote control.
• Deployment of more than 450 SmartSpin ® wireless rod rotator sensors for continuous monitoring.
• Completion of the first 30+ well trial for the chemical injection assurance (CIA) software module on the Connexia ® platform, which provides fully integrated chemical measurement and delivery data.

This strategy helps operators achieve better asset performance; in one instance, an operator reduced cycles on over 100 rod lift wells by 50%, avoiding failures.

Customer advocacy model focused on optimizing client asset value

ChampionX Corporation explicitly positions itself as a customer advocate, tying its success directly to the client's operational optimization. This philosophy is reflected in its performance metrics. The company reported a 92% customer satisfaction rate for the 2024 fiscal year, a strong indicator of the success of its customer-centric innovation strategy. This focus on delivering value-added solutions is what allowed the company to generate a strong Q1 2025 Adjusted EBITDA margin of 22.1%, even with a sequential revenue decrease of 5%.

The financial stability resulting from these relationships supports continued investment in advocacy and service, as seen by the $38.6 million in free cash flow generated in Q1 2025, marking the twelfth consecutive quarter of positive free cash flow. The goal is to help customers achieve peak performance throughout the asset life-cycle.

The core tenets of this advocacy model include:

• Focus on integrity, safety, and customer success as core values.
• Developing collaborative relationships with customer engineering teams.
• Providing solutions that help customers reduce operating costs.

Finance: draft 13-week cash view by Friday.

ChampionX Corporation (CHX) - Canvas Business Model: Channels

You're looking at how ChampionX Corporation, now part of SLB, gets its specialized solutions to the wellsite as of late 2025. The channels are a mix of direct, partner-driven, and digital delivery, heavily influenced by the July 16, 2025, acquisition by SLB.

Direct sales force and field service teams globally

ChampionX Corporation maintained a significant global footprint, supported by its team of approximately 7,100 total employees as of late 2025. These personnel form the core of the direct sales force and the field service teams responsible for deploying chemistry solutions and servicing artificial lift and equipment technologies.

The operational scale that these teams manage is reflected in the company's reported financial scale prior to full integration:

Global distribution network for production chemicals and equipment

The global distribution network supports the delivery of production chemicals and highly engineered equipment across numerous operating regions. ChampionX's operational footprint includes presence in countries such as India, Kenya, Australia, the US, Romania, Nigeria, Argentina, and the Netherlands. This network moves products that contributed to a full-year 2024 revenue of $3.63B.

The company's ability to service these areas relies on its supply chain capability, which is now being combined with SLB's international infrastructure.

• Geographic Reach: India, Kenya, Australia, US, Romania, Nigeria, Argentina, Netherlands.
• Product Focus: Production chemicals, artificial lift systems, and engineered equipment.

Digital platforms for software-as-a-service (SaaS) and remote monitoring

ChampionX utilized digital platforms to deliver services, which are now being folded into SLB's broader digital strategy. Revenue from ChampionX's digital products was reported at $62.3 million in the fourth quarter of 2024. For the first quarter of 2025, digital product revenue was $57.8 million, representing a sequential decrease of 7%.

Post-acquisition, the integration of these digital assets is showing immediate impact within SLB's structure:

• SLB Digital Division ARR (Q3 2025): $926 million.
• ChampionX Contribution to SLB Digital Revenue (Q3 2025): $20 million.
• Q4 2024 Digital Segment Adjusted EBITDA Margin: 26.2%.

Integration into the broader SLB international sales channels post-acquisition

The acquisition closed on July 16, 2025. The strategic intent is to maximize the benefit from SLB's market reach internationally, leveraging ChampionX's leading production-focused solutions and customer relationships, particularly in North America.

The immediate financial impact of this channel combination is visible in the Q3 2025 results reported by SLB:

SLB expects annual pretax synergies from the ChampionX integration to be approximately $400 million within the first three years post-closing, realized through revenue growth and cost savings. Former ChampionX shareholders now own approximately 9% of SLB's outstanding shares of common stock.

ChampionX Corporation (CHX) - Canvas Business Model: Customer Segments

You're looking at the core of ChampionX Corporation's business, which is deeply embedded in the production and midstream phases of the oil and gas lifecycle. Their customer base isn't monolithic; it's a mix of the world's biggest producers and specialized regional players who need very specific chemical and equipment solutions.

Major International Oil Companies (IOCs) and large independent E&P operators represent a significant portion of the demand, especially for the high-margin Production Chemical Technologies business. For instance, in the first quarter of 2025, the Production Chemical Technologies segment, which heavily serves these customers, generated revenue of $523.4 million. This segment saw an 8% sequential decrease in Q1 2025, which management attributed to seasonally lower international sales volumes, suggesting IOC activity is a key driver of that top-line number.

National Oil Companies (NOCs) in regions like the Middle East and Central Asia are actively targeted for growth. ChampionX highlighted achieving growth with a national oil company in Central Asia during the fourth quarter of 2024 through technology alignment. Furthermore, Q3 2024 saw the company secure multiple significant contracts in Saudi Arabia and Qatar. The Production & Automation Technologies segment, which brought in $264.4 million in Q1 2025, also supports this group with artificial lift and digital solutions.

Canadian oil sands and heavy oil operators requiring specialized chemical programs are a distinct, important market. ChampionX's innovation for optimal performance in Canada's unique and challenging environment, specifically related to corrosion control, shows direct engagement with this customer type. The Reservoir Chemical Technologies sub-segment, which addresses specific downhole needs, posted revenue of $26.9 million in Q1 2025, showing a strong 23% sequential increase.

Midstream companies requiring flow assurance and corrosion control solutions are served across several product lines, including chemical injection skids for Drag Reducing Agents (DRA) and asset integrity solutions. ChampionX secured a new contract for DRA skids in Eastern Africa in Q4 2024. The company filters its offerings by Market to specifically address this group, alongside Onshore Production and Offshore Production.

Here's a quick look at how the revenue from these customer-facing segments stacked up in the most recently reported quarter, Q1 2025, out of the total revenue of $864.5 million for ChampionX Corporation:

You can see the chemical businesses (Production Chemical Technologies and Reservoir Chemical Technologies) together accounted for $550.3 million of the total Q1 2025 revenue. Also, note the North America revenue grew 3% year-over-year in full-year 2024, even as Latin America sales declined, particularly in Mexico, in Q3 2024.

• ChampionX reported total revenue of $3.6 billion for the full year 2024.
• Digital products revenue was $62.3 million in Q4 2024, up 7.5% sequentially.
• The company ended 2024 with approximately $1.2 billion of liquidity.
• ChampionX employed 7,100 people as of 2024.

ChampionX Corporation (CHX) - Canvas Business Model: Cost Structure

You're looking at the expense side of ChampionX Corporation's operations as of late 2025. The cost structure is heavily influenced by the physical nature of its business-manufacturing chemicals and engineered equipment-which means material and production costs are significant.

The cost of goods and services (COGS) for the first quarter of 2025 was $572.938 million. This figure directly reflects the high cost of raw materials needed for chemical manufacturing and the direct costs associated with producing artificial lift equipment. This is the largest single cost component tied to revenue generation.

ChampionX Corporation maintains a clear commitment to technology leadership, which translates into a non-trivial R&D spend. While the latest full-year figure available is for 2024, the company invested $82 million in research and development that year to fuel its product pipeline, a commitment that remains a key cost driver in 2025 to support innovations like the ESP Digital Ecosystem launched in May 2025.

Manufacturing and maintenance costs for the engineered equipment, which includes artificial lift systems like Electrical Submersible Pumping Systems (ESP) and gas lift systems, are embedded within the COGS. The company's operational efficiency is highlighted by its Q1 2025 Adjusted EBITDA margin of 22.1%, which improved year-over-year from 20.8%, showing that productivity initiatives are helping to offset input cost pressures.

Field service personnel and technical labor represent a major operational expense. ChampionX relies on a large, technically skilled workforce, with more than half of its employees working directly with customers on-site or remotely to provide expertise. For context on the direct labor cost component, the average annual pay for a Championx Field Service Technician in the United States as of November 2025 is approximately $61,500 a year.

General overhead, which includes selling, general and administrative expense (SG&A), is also a substantial cost. For the first quarter of 2025, the reported SG&A was $177.045 million. This covers corporate functions, sales infrastructure, and the support structure for the global supply chain.

The company's focus on leveraging a global supply chain and productivity initiatives is a direct response to managing these costs and external pressures. The resilience in the Q1 2025 margin, despite a 5% sequential revenue decrease, underscores the success of these internal cost discipline actions.

Here's a quick look at how the revenue that drives these costs was distributed across the segments in Q1 2025:

Key elements contributing to the overall cost base include:

• High input costs for chemical feedstocks and specialized materials.
• Fixed and variable costs associated with maintaining a global manufacturing footprint.
• Significant SG&A expense of $177.045 million in Q1 2025.
• Investment in technology, evidenced by 2024 R&D spend of $82 million.
• Labor costs for field service personnel, with average technician salaries around $61,500 annually.

Finance: draft 13-week cash view by Friday.

ChampionX Corporation (CHX) - Canvas Business Model: Revenue Streams

You're looking at how ChampionX Corporation actually brings in the money, which is key for understanding its valuation, especially with the pending acquisition by SLB. Honestly, their revenue streams are tightly coupled with the well lifecycle, moving from drilling to production optimization.

Here's the quick math on the core business segments based on the first quarter of 2025 performance, which gives you a solid snapshot of where the money was coming from early in the year:

The segment breakdown shows that Production Chemical Technologies is the largest single contributor, bringing in $523.4 million in Q1 2025, though this was down 8% sequentially due to seasonal international sales volumes. Production & Automation Technologies followed with $264.4 million for the same period.

Beyond the main hardware and chemical sales, ChampionX Corporation also captures recurring revenue from its digital offerings. This stream is important because it often carries higher margins and better predictability. For instance, in Q1 2025, revenue specifically from digital products was $57.8 million.

To give you the bigger picture on the overall financial scale, here are the key top-line figures as of late 2025:

• Trailing Twelve Months (TTM) revenue as of November 2025 is approximately $3.57 Billion USD.
• The Q1 2025 revenue for the entire company was $864.5 million.
• The Drilling Technologies segment, which includes sales of PDC cutters, contributed $50.5 million in Q1 2025.
• Subscription and service fees from digital production optimization software, like XSPOC and SMARTEN XE/Lite, represent a growing portion of the total revenue base.

Finance: draft 13-week cash view by Friday.