Profire Energy, Inc. (PFIE): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the financial engine behind the former NASDAQ-listed Profire Energy, Inc. (PFIE) now that it's fully integrated into CECO Environmental. Honestly, this isn't just a simple acquisition story; it's about how proprietary combustion control IP-backed by an installed base nearing 100,000 units-is set to drive a projected $60.69 million in revenue for 2025. What really caught my eye, given my background, was the 85% year-over-year increase in R&D spending in Q3 2024, signaling a serious intent to protect those high-margin value propositions. So, let's dive into the full Business Model Canvas to see exactly how CECO is structuring the key partnerships, activities, and revenue streams to maximize this specialized industrial asset.

Profire Energy, Inc. (PFIE) - Canvas Business Model: Key Partnerships

CECO Environmental Corp. provides global reach and balance sheet support

Profire Energy, Inc. became a wholly owned subsidiary of CECO Environmental Corp. on January 3, 2025. The transaction valued Profire Energy at approximately $125 million. The aggregate consideration paid by CECO Environmental Corp. to acquire the shares was approximately $122.7 million. The tender offer price per share was $2.55 in cash. 86.31% of outstanding shares were validly tendered. Prior to the acquisition, Profire Energy maintained a debt-free status with cash and investments totaling $16.9 million as of Q3 2024.

North American oil and gas producers for product deployment and feedback

Profire Energy, Inc. primarily focuses on the upstream, midstream, and downstream transmission segments of the oil and gas industry. Products and services were sold primarily throughout North America. The company reported record revenue of $17.2 million in Q3 2024. Diversification efforts into critical energy infrastructure and non-oil & gas markets grew to 13% of total revenue in 2023, which included $5.6 million in infrastructure sales that year.

Metric	Value	Period/Context
Q3 2024 Revenue	$17.2 million	Highest quarterly revenue in company history (pre-acquisition)
2023 Infrastructure Sales Revenue	$5.6 million	300% jump year-over-year
2023 Diversification Revenue Percentage	13%	Up from under 1% in 2021
Q3 2024 Cash + Investments	$16.9 million	Company maintained debt-free status

Specialized distributors for market penetration in specific regions

• Profire Energy products and services were sold across North America.
• Sales also occurred in South America, Europe, Africa, the Middle East, and Asia.

Suppliers of critical electronic components and hardware for manufacturing

The company provides intelligent control solutions and Certified BMS Controllers. The operational focus involves the engineering and design of burner and combustion management systems.

Profire Energy, Inc. (PFIE) - Canvas Business Model: Key Activities

You're looking at the core engine of Profire Energy, Inc. now operating as a wholly-owned subsidiary of CECO Environmental Corp. since the acquisition closed on January 3, 2025. The key activities center on engineering and delivering specialized combustion control technology.

Manufacturing and assembly of Burner Management Systems (BMS)

This is the hardware backbone. Profire Energy designs and builds the systems that monitor and manage burners on oilfield vessels like tanks and separators. Before the acquisition, the company had an installed base approaching 100,000 burner management systems. This installed base is critical because it drives the field service and aftermarket maintenance revenue stream.

Research and development (R&D) of new combustion control technology

The company continues to develop its product line to compete with larger players like Honeywell Thermal and Siemens in more complex applications. Profire Energy has filed or acquired 30 total patent documents, applications, and grants. The policy is to expense all R&D costs that lack future alternative uses when incurred, which keeps the balance sheet clean of speculative development costs.

Field service, installation, and aftermarket maintenance for installed base

Servicing the existing fleet is a major activity that supports recurring revenue. This activity is focused on improving operational Safety, Efficiency, and Regulatory Compliance for customers. The company maintains offices across key energy hubs, including Lindon, Utah; Victoria, Texas; Midland-Odessa, Texas; and Acheson, Alberta, Canada, to support these field operations.

Cross-selling combustion solutions into CECO's broader client base

Since the merger, a primary goal is integrating Profire's intelligent control solutions into CECO's existing portfolio to accelerate market penetration. This synergy is expected to drive revenue growth for the combined entity. CECO's full-year 2025 revenue guidance, which includes Profire's contribution, is set between $700 million and $750 million.

Here's a quick look at the financial scale of the business leading into its integration with CECO Environmental Corp.

Metric	Value	Context/Date
Trailing Twelve Months (TTM) Revenue	C$84.73 Million	As of October 2025
Annual Revenue	$58.21 Million	Fiscal Year 2023
Q3 2024 Revenue	$17.2 million	Quarter ending September 30, 2024
Expected 2024 Sales (Pre-Acquisition)	Over $60 million	Full Year 2024 Estimate
Expected 2024 Adjusted EBITDA Margin	Around 20 percent	Full Year 2024 Estimate
Acquisition Transaction Value	Approximately $122.7 million	Cash paid by CECO, closed January 2025

The core offerings driving these numbers are centered on specific product and service categories:

• Technology Products focused on operational Safety, Efficiency & Regulatory Compliance.
• Burner-management systems for natural-draft fire tube vessels.
• Solutions for upstream, midstream, and downstream transmission segments.
• Installation and service in South America, Europe, Africa, the Middle East, and Asia.

The combined entity's 2025 Adjusted EBITDA guidance is $90 million to $100 million. That's a big target, and Profire's activities are now directly supporting it.

Finance: draft 13-week cash view by Friday.

Profire Energy, Inc. (PFIE) - Canvas Business Model: Key Resources

As of late 2025, Profire Energy, Inc. operates as a wholly-owned subsidiary of CECO Environmental Corp., which completed the acquisition in January 2025 for an aggregate consideration of approximately $122.7M.

Proprietary intellectual property (IP) for combustion control algorithms

• Proprietary technology for combustion control algorithms provides a competitive advantage, making solutions difficult to replicate quickly.
• Profire Energy, Inc. held 30 Patents (Applications and Grants) as of the time of its last independent reporting.

Installed base of nearly 100,000 units in North America

The installed base is a core asset, primarily concentrated in the North American oil and gas segment, providing a foundation for recurring service revenue.

• Installed base approaching 100,000 burner management systems in North America.
• The company serves the upstream, midstream, and downstream transmission segments of the oil and gas industry.

Specialized engineering and technical talent for product defintely innovation

The talent pool supports the development of advanced systems like the M7 High Efficiency Burner technology and PRO QS - 401AP Fuel Train.

Metric	Value (Latest Available)	Context/Date
Total Employees	125	Pre-acquisition estimate.
R&D Expense Increase YoY	85%	Q3 2024 vs Q3 2023, reflecting product development acceleration.
Q3 2024 Net Income	$2.2 million	Record quarter result before full integration.
Cash and Investments	$16.9 million	Debt-free balance sheet snapshot as of Q3 2024.

Financial backing and global infrastructure of CECO Environmental

The acquisition by CECO Environmental Corp. on January 2, 2025, for an implied equity value of approximately $125 million provides immediate scale. Profire Energy, Inc. is now integrated into CECO's broader platform, which serves industrial air, water, and energy transition markets globally.

• Acquisition Price per Share: $2.55 cash.
• Profire's forecasted 2025 revenue contribution to CECO: $60.69 million.
• 2023 Revenue (Standalone): $58.21 million.

Profire Energy, Inc. (PFIE) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers chose Profire Energy, Inc.'s technologies, especially as the business integrated into CECO Environmental in early 2025. The value proposition centered on delivering quantifiable improvements in safety, efficiency, and compliance for industrial combustion appliances.

Enhanced safety and reliability for industrial combustion appliances

Profire Energy, Inc.'s highly engineered, digital burner management systems (BMS) were designed to provide mission-critical automation and control solutions. This focus on reliability directly translates into fewer operational disruptions for energy producers. The company's technology is integrated into various applications, such as tanks, dehydrators, and separators, to monitor and manage the burners used in these combustion vessels. The commitment to this area was evident in the financial performance leading up to the acquisition; for instance, the Trailing Twelve Months (TTM) Gross Profit Margin stood at 51.16% as of late 2024, indicating strong pricing power likely supported by the critical nature of their safety solutions. Furthermore, remote monitoring capabilities allowed users to check field equipment without manual inspection, which inherently reduces the need for personnel to travel to remote sites for burner malfunction checks.

• Remote monitoring reduces field personnel truck rolls.
• Solutions are integrated into critical oilfield thermal processes.
• TTM Operating Income for the period ending September 30, 2024, was $9.86 million.

Improved operational efficiency and reduced fuel consumption

The systems were purpose-built to improve performance, which includes optimizing burner operation to reduce waste. While specific fuel consumption reduction percentages aren't published in the latest figures, the financial results show the market valued this efficiency. The company reported a record quarterly revenue of $17.2 million in Q3 2024, driven by increased adoption of their solutions. This revenue growth, coupled with a TTM Net Margin of 14.95% for the period ending September 30, 2024, suggests customers were willing to invest in technology that delivered clear operational savings. The forecasted revenue for 2025, even under the new structure, was projected at $60.69 million, showing continued market confidence in the efficiency-driving technology.

Here's a quick look at the financial scale supporting the value proposition as of late 2024:

Metric	Amount (TTM ending 9/30/2024)
Total Revenue	$60.02 million
Net Income	$8.97 million
Revenue Per Employee	$487,969
EBITDA	$10.95 million

Compliance with stringent environmental and regulatory standards

A major driver for adoption was the need to meet evolving environmental mandates. Profire Energy, Inc.'s BMS systems were specifically positioned as the fastest, most cost-effective, and reliable way to satisfy state mandates across North America. For example, their systems help manage control devices required by regulations like Colorado's R307-503-3, which mandates auto-igniters for relighting pilot flames to combust volatile organic compound (VOC) emissions. Similarly, the technology helps manage heaters needed to comply with regulations requiring oil temperature conditioning above 110 degrees Fahrenheit before transportation to burn off toxic gases. The company also provided solutions to manage control devices required under the EPA's Quad O rules, which established mandatory standards for oilfield equipment.

• Systems help manage control devices for EPA Quad O compliance.
• Solutions address Alberta standards considered the easiest way to meet the requirement.
• Technology reduces the release of methane and VOCs into the environment.

Diversified solutions including Chemical Management Systems (CMS)

While the core strength was in burner management, the value proposition expanded through complementary offerings, notably Chemical Management Systems (CMS). Recent financial reports indicated that revenue was driven significantly by the increased adoption of these chemical management solutions, which include automating the delivery of chemicals used in oil and gas extraction. This diversification beyond core BMS broadened the addressable market and provided another layer of operational optimization for customers. The company also offered Data Analytics, providing real-time monitoring insights. The overall financial health leading into the 2025 acquisition, with a Solvency Score of 99/100, suggests a stable platform from which these diversified solutions could continue to grow within CECO Environmental.

Profire Energy, Inc. (PFIE) - Canvas Business Model: Customer Relationships

You're looking at the customer relationship strategy for Profire Energy, Inc. (PFIE) as it operates now, post-acquisition by CECO Environmental Corp. in January 2025 for approximately $125 million. The relationship model is built on deep technical expertise and physical presence, which CECO is now integrating into its broader industrial client network.

Direct sales and technical support for major oil and gas operators

The core customer base remains the upstream, midstream, and downstream transmission segments of the oil and gas industry across North America. The sales approach is direct, relying on technical knowledge to sell complex combustion management systems. Before the acquisition, the company had an installed base approaching 100,000 burner management systems, which represents a massive installed base for recurring service and upgrade opportunities. The sales team is geographically structured to cover key operational areas.

• Products and services sold primarily throughout North America.
• Sales coverage includes dedicated National Sales Managers for U.S. East and U.S. West regions.
• Expert consultation is offered to build customized solutions, providing total transparency on product capabilities and pricing.

Dedicated field service teams for ongoing maintenance and repairs

Service is a critical relationship anchor, ensuring client assets remain compliant and efficient. The field service component is designed to provide immediate, boots-on-the-ground support for installation, startup, commissioning, and preventative maintenance. This dedication to service was a clear value driver, as evidenced by the Q2 2024 report noting the highest quarterly service revenue in company history at that time, despite reported staffing tightness. The operational footprint supports this commitment.

Service Location (Office)	Geographic Focus
Lindon, Utah	U.S. Mountain West Operations
Victoria, Texas; Midland-Odessa, Texas	U.S. Permian Basin/Gulf Coast Operations
Homer, Pennsylvania; Millersburg, Ohio	U.S. Northeast/Midwest Operations
Greeley, Colorado	U.S. Rockies Operations
Acheson, Alberta	Canadian Operations

Relationship management through CECO's existing industrial client network

Post-January 2025, the relationship strategy is evolving to leverage the scale of CECO Environmental Corp. CECO explicitly stated its intention to accelerate Profire's global market expansion by introducing its high-efficiency solutions to more customers in CECO's industrial air and water segments. This means the existing, strong North American oil and gas relationships are now a channel for cross-selling CECO's broader environmental solutions, and vice versa. The forecasted 2025 revenue for the Profire division within CECO is approximately $60.69 million.

• CECO aims to generate meaningful efficiencies and synergies through combined corporate organizations.
• Profire's technology is being integrated into CECO's broader Combustion Management Platform.
• The relationship now benefits from CECO's established international operations.

High-touch, expert-driven consulting on compliance and efficiency

The relationship is consultative, focusing on mission-critical needs like safety, regulatory compliance (like EPA Quad-O), and efficiency improvements. Customers rely on Profire Energy's expertise to navigate complex operational requirements, especially as environmental standards tighten. This is not just about selling hardware; it's about selling optimized, compliant uptime. The company's TTM revenue as of October 2025 reached C$84.73 Million, reflecting the value placed on these expert-driven outcomes.

You'll see this expert-driven approach in their product development, which includes microprocessor-based control systems like the PF2150 BMS Controller, designed for remote monitoring and environmental compliance.

Profire Energy, Inc. (PFIE) - Canvas Business Model: Channels

You're looking at how Profire Energy, Inc., now operating as a subsidiary of CECO Environmental Corp. since January 2025, gets its specialized combustion management solutions to customers. The channel strategy is heavily rooted in direct engagement and physical proximity to key energy plays, which is now being augmented by CECO Environmental's global reach.

Direct sales force targeting upstream and midstream energy companies remains the core engine. Profire Energy's technology is sold directly into the upstream and midstream segments of the oil and gas industry, focusing on systems that monitor and manage burners on vessels like tanks and separators. This direct approach allows for deep technical consultation, which is key for mission-critical safety and efficiency equipment. For context, Profire estimated its 2024 sales to be greater than $60 million before the acquisition closed.

The physical footprint supports this direct sales effort through a network of regional field offices in key US and Canadian energy hubs. These locations aren't just sales points; they are service and parts distribution centers designed to minimize customer downtime. Honestly, having a warehouse you can walk into for a same-day solution is a major selling point in the field.

Here's a look at the strategic physical locations that support the North American channel:

Location Type	City/Region	State/Province	Primary Function Noted
Head Office	Lindon	Utah	Sales, Service, Panel Shop, Warehouse
Permian Office/Hub	Odessa	Texas	Sales, Service, Warehouse, Localized Support
Canada Office	Acheson	Alberta	Sales, Service, Warehouse
Service Hub	Victoria/Houston	Texas	Service Center
Warehouse	Homer City	Pennsylvania	Sales, Service, Warehouse
Service Hub	Millersburg	Ohio	Service Hub

The company also maintains a presence in other areas like Greeley, Colorado, and has historically served international markets in South America, Europe, Africa, the Middle East, and Asia.

Since the acquisition, a significant channel enhancement is the integration into CECO Environmental's global sales and distribution channels. CECO Environmental is a global leader, and this partnership is explicitly intended to accelerate Profire Energy's growth by utilizing CECO's established international operations and customer relationships. The goal is to provide innovation on a global scale, backed by CECO's worldwide presence, broadening the reach beyond the historical North American focus.

Finally, the aftermarket parts and service sales for the large installed base represent a critical, recurring channel. Profire Energy sells complementary oilfield products alongside its core burner management systems. You can count on 24/7 technical support, and the localized service teams are strategically placed throughout the Rocky Mountains, North-Eastern U.S., and Southern U.S. to provide on-site assistance when needed. This service component is vital for maintaining the safety and efficiency of the installed base, which is a key part of the value proposition.

The physical presence is supported by specific service capabilities:

• 24/7 technical support availability.
• On-site Service Support teams for immediate field needs.
• Local warehouse stocking for quick parts turnaround in key basins like the Permian.
• In-house training offered at new locations like Odessa, Texas, to benefit customer teams.

Finance: review the Q3 2025 sales pipeline against the pre-acquisition 2024 sales estimate of >$60M by next Tuesday.

Profire Energy, Inc. (PFIE) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Profire Energy, Inc. (PFIE) as it operates now under CECO Environmental Corp. following the January 2025 acquisition. The customer base is heavily concentrated in energy production, but the technology's applicability is broadening.

Upstream and midstream North American oil and gas producers represent the historical and primary segment. These producers use Profire Energy's burner-management systems (BMS) for combustion vessels like tanks, dehydrators, and separators across their exploration and transportation assets. The company's sales are geographically divided into the United States and Canada, with the majority of revenue coming from the United States. As of October 2025, the trailing twelve months (TTM) revenue stood at C$84.73 Million.

The installed base approaching 100,000 burner management systems is a testament to the deep penetration within this core group. These customers prioritize the increased safety and operational efficiencies Profire Energy's solutions offer for their mission-critical combustion automation and control needs.

Industrial companies requiring critical energy infrastructure solutions form a key expansion area. Profire Energy has been completing installations of its burner-management solutions in other industries that are applicable to expanding the addressable market beyond traditional oil and gas. This includes sectors that rely on similar thermal processes requiring reliable combustion control.

Non-oil and gas industrial sectors seeking combustion management are an important growth vector, leveraging the company's expertise in engineering and design of burner and combustion management systems. The company's technology is designed to enhance the efficiency, safety, and reliability of industrial combustion appliances generally.

Energy companies focused on environmental compliance and safety are driven by increasingly stringent regulatory standards. Profire Energy's products help customers mitigate environmental impacts and reduce emissions through optimized burner operation, which directly supports compliance goals. The company estimated its 2024 sales to be greater than $60 million with adjusted EBITDA margins of approximately 20 percent, reflecting the value placed on these compliance-driven solutions.

Here's a quick look at the financial scale supporting these customer relationships as of late 2025, based on the most recent available figures:

Metric	Value (Latest Available)
TTM Revenue (as of October 2025)	C$84.73 Million
Estimated 2024 Sales	> $60 million
2023 Revenue	$58.21 million
Installed Base (Approximate)	~100,000 Burner Management Systems
Primary Sales Geography	United States and Canada

The customer base is served through offices located strategically across North America, including Lindon, Utah; Victoria, Texas; Midland-Odessa, Texas; Homer, Pennsylvania; Greeley, Colorado; and Millersburg, Ohio, plus Acheson, Alberta, Canada.

• Upstream oil and gas producers.
• Midstream pipeline and gathering operators.
• Downstream transmission segment clients.
• Industrial firms needing combustion control.
• Companies facing tighter emission regulations.

The acquisition by CECO Environmental in January 2025, valued at approximately $125 million, was partly driven by the desire to accelerate Profire Energy's global market expansion beyond its strong North American base. To be fair, the existing customer relationships in the US and Canada remain the bedrock of the business unit's performance.

Finance: review the Q4 2025 revenue run rate against the C$84.73 Million TTM figure by next Tuesday.

Profire Energy, Inc. (PFIE) - Canvas Business Model: Cost Structure

You're looking at the cost base for Profire Energy, Inc. right before its integration into CECO Environmental Corp. in early 2025. This structure reflects the costs incurred while scaling up revenue to a record high in Q3 2024, even as gross margins compressed slightly due to inflation and a shift in project mix. Honestly, understanding these buckets is key to seeing where the operational leverage was before the merger.

The primary cost drivers fall into three main areas: the direct costs of delivering the product (Cost of Revenue), the costs to sell and run the company (SG&A), and investment in future offerings (R&D).

Cost of Revenue (CoR) for hardware manufacturing and component sourcing

Cost of Revenue covers the direct materials, labor, and overhead tied to building and deploying the burner management systems and related hardware. For the Trailing Twelve Months (TTM) ending September 30, 2024, the CoR stood at $29.31 million in millions USD. This figure was impacted by inflationary pressures across the supply chain, which contributed to the gross margin falling to 48.2% in Q3 2024, down from 50.0% in the prior-year quarter. The mix shift toward diversification projects, which often carry lower margins, also played a part in the CoR relative to revenue.

Selling, General, and Administrative (SG&A) expenses for sales and corporate overhead

SG&A captures the non-production costs necessary to keep the lights on and drive sales. For the TTM period ending September 30, 2024, SG&A expenses totaled $19.04 million. In the third quarter of 2024 specifically, total operating expenses were $5.5 million, up from $4.9 million year-over-year, with G&A expenses increasing by 10% compared to the prior-year quarter, reflecting general inflation and headcount additions supporting growth.

Research and Development (R&D) investment, which increased 85% year-over-year in Q3 2024

Investment in R&D is critical for maintaining the technology advantage in combustion management. The commitment here accelerated significantly; R&D spending jumped by 85% year-over-year in Q3 2024. This increase was explicitly driven by inflation, adding headcount, and ramping up new product development and necessary certification activities. For the TTM ending September 30, 2024, R&D investment was $1.22 million. This aggressive investment signals a focus on expanding the product portfolio beyond core oil and gas into adjacent markets like biogas and power generation, which was a key strategic move before the acquisition. It's a clear sign they were investing for future growth.

Labor costs for field service technicians and engineering staff

Labor costs for field service technicians and engineering staff are embedded within both the Cost of Revenue and the SG&A structure. Field service technicians, who handle installation, startup, commissioning, and preventative maintenance, represent a significant portion of the direct labor costs falling under CoR. Engineering staff costs contribute to both CoR (for product-specific engineering) and R&D (for new product development). The Q3 2024 headcount increases cited as a driver for the rise in operating expenses directly point to an increased investment in these skilled personnel categories.

Here's a quick look at the scale of the major cost components based on the last full set of reported figures before the CECO transaction:

Cost Component (Millions USD)	Trailing Twelve Months (TTM) Ending Sep 30, 2024
Cost of Revenue (CoR)	$29.31
Selling, General, and Administrative (SG&A)	$19.04
Research & Development (R&D)	$1.22

You can see the operational spend was heavily weighted toward delivering the product and supporting the existing customer base, with R&D being a smaller, albeit rapidly growing, portion of the total cost base.

• Cost of Revenue includes direct material sourcing and manufacturing overhead.
• SG&A covers corporate overhead and sales team compensation.
• R&D investment accelerated to support diversification efforts.
• Labor for field service is a key variable within CoR.

Finance: draft 13-week cash view by Friday.

Profire Energy, Inc. (PFIE) - Canvas Business Model: Revenue Streams

You're looking at how Profire Energy, Inc., now operating as a division within CECO Environmental Corp. following the acquisition closing on January 2, 2025, generates its income. The revenue structure is built on core product sales supplemented by recurring service and parts revenue.

The projected 2025 revenue for the Profire division is approximately $60.69 million as a CECO division. This figure follows the division's 2024 sales expectation of over $60 million.

The revenue streams are segmented across hardware, services, and complementary product sales:

• Sales of specialized Burner Management Systems (BMS) and hardware
• Aftermarket sales of replacement parts, service, and maintenance contracts
• Sales of Chemical Management Systems (CMS) and complementary products

The core business is rooted in providing mission-critical combustion automation and control solutions, primarily for the upstream, midstream, and downstream transmission segments of the oil and gas industry across North America. The installed base for their burner management systems is approaching 100,000 units.

Here's a look at the historical revenue context leading into the 2025 projection, which helps frame the expected performance under the new ownership structure:

Metric	Value	Period/Context
Projected 2025 Revenue (Profire Division)	$60.69 million	As a CECO division
Estimated 2024 Sales	Over $60 million	Profire's expectation prior to acquisition close
Q3 2024 Revenue	$17.2 million	Highest quarterly revenue in company history
2023 Revenue	$58.21 million	Full year reported revenue
Q3 2024 Gross Profit	$8.3 million	Compared to $7.5 million in Q3 2023

The emphasis on aftermarket support is key for stabilizing revenue, especially when new capital expenditure cycles in the oil and gas sector fluctuate. You can expect a steady stream from servicing the existing installed base.

The diversification strategy, which contributed to the record Q3 2024 revenue of $17.2 million, is expected to continue under CECO Environmental Corp.'s umbrella. This involves expanding the application of Profire Energy's technology beyond traditional oil and gas:

• Targeting Renewables, including RNG and Biogas applications.
• Penetrating Infrastructure markets.
• Serving Power Generation sectors.
• Expanding into Mining applications.

This move helps mitigate reliance on the cyclical nature of the core oil and gas market. Finance: draft 13-week cash view by Friday.