Dover Corporation · NYSE:DOV
Dover — Investor Day (April 2018)
85 slides from Dover's investor day presentation, Apr 3, 2018
Slide 1: Investor Day April 3, 2018
Investor Day April 3, 2018 Exhibit 99.1
Slide 2: Notices and Disclaimers
Notices and Disclaimers Forward-Looking Statements This investor presentation, and the related discussion, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are bas
Slide 3: Today's Presenters
Today’s Presenters Soma SOMASUNDARAM CEO Rob GALLOWAY President Drilling Technologies Paul MAHONEY President Production & Automation Technologies Ali RAZA Chief Digital Officer Jay NUTT CFO
Slide 4: Today's Agenda
Today’s Agenda Introducing Apergy Soma Somasundaram Drilling Technologies Rob Galloway Production and Automation Technologies Paul Mahoney Artificial Lift Technologies Automation Technologies Ali Raza Financial Overview Jay Nutt Summary and Q&A Management Team
Slide 5: P&G Information – May not be copied or distributed outside of P&G. Concepts only
Confidential P&G Information – May not be copied or distributed outside of P&G. Concepts only may be shared with retailer and, or agency partners under signed CDA(s). Unpublished Copyright 2018 P&G. All rights reserved. All shelving, distribution, pricing, and promotion decisions are at the sole dis
Slide 6: Who We Are
Who We Are Leading onshore-focused equipment and digital technology provider to the upstream oil and gas industry Most trusted brands recognized for quality, performance and customer-service Highly engineered products, innovative technologies and digital solutions Focused strategy and operating phil
Slide 7: Year Heritage of the Most Trusted Brands in the Oil Field
60 Year Heritage of the Most Trusted Brands in the Oil Field 60s / 70s Today 80s / 90s 2000s 2010s Strong organic growth / tuck-in M&A Artificial Lift (Rod Lift) + Drilling Technologies + Automation + Broadened Artificial Lift (Electrical Submersible Pump (“ESP”), Gas Lift) $1bn annual sales(1) Port
Slide 8: Increased Focus Drives Value as Apergy
Increased Focus Drives Value as Apergy As Part of Dover Portfolio Apergy Energy businesses within diversified industrial portfolio Commitment to operational excellence and customer-driven innovation Focused organic investments made during the downturn Capital allocation decisions across entire portf
Slide 9: Apergy is Present Across the Wellsite
Apergy is Present Across the Wellsite 11 1 9 Production & Automation Technologies: Facilitating the efficient, safe and effective extraction of oil and gas through a suite of premier brands. Drilling Technologies: Providing highly specialized, innovative, and proprietary products used in drilling oi
Slide 10: Long Term: Onshore Production Remains Essential
Long Term: Onshore Production Remains Essential Incremental production growth through 2020 requires significant investment in onshore Total Liquids – Barrels (mm) / Day Onshore is 77% of total incremental barrels to 2020 Source: Morgan Stanley Research, Wood Mackenzie, Rystad Energy and Company Data
Slide 11: Portfolio Profile
Product Line Geography Product Mix Nearly all onshore 75% oil Strong presence in fast-growing Permian basin (~35% of Production and Automation Technologies revenue) Recurring revenue from replacement parts, software and after-market services Portfolio Profile North American onshore production-focuse
Slide 12: Business Aligned and Correlated with Positive Market Drivers
Business Aligned and Correlated with Positive Market Drivers U.S. Wells Drilled Global & North America E&P CapEx Avg. Footage Drilled/Well (ft.) 8,726 9,899 10,511 12,142 12,032 12,179 End of Year Drilled but Uncompleted (“DUC”) Wells 4,874 6,271 5,446 7,488 Wells Footage Drilled (mm ft.) Capex($bn)
Slide 13: Diverse, Blue Chip Customer Base
Diverse, Blue Chip Customer Base Limited customer concentration; relationships with broad set of customer types Broad Customer Base(1) Select Customers Top 10 Top 11-20 All Other Over 2000 Customers (1) Represents % of revenue as of FY 2017.
Slide 14: Distinctive Strategic Vision and Operating Philosophy
Distinctive Strategic Vision and Operating Philosophy Operating Philosophy Business Purpose Vision Improving Lives Customers - Employees Shareholders - Communities Unlocking Energy Advocate for the Customer Technology Tailored to Drive Productivity Improvements Culture of Continuous Improvement Stro
Slide 15: How Apergy Wins
How Apergy Wins Best Products Customer Intimacy Best “Speed” Ongoing Innovation Problem-Solving Mindset Customer Benefit Helping customers achieve their objectives – enhanced productivity and cash flow generation
Slide 16: Business Highlights – What You Will Hear From Our Business Leaders
Business Highlights – What you Will Hear From our Business Leaders Today Drilling Technologies Key Production and Automation Technologies Discussed Today Artificial Lift Automation Technologies Market Size ~$1.3bn PDC & bearings market $8bn global market $3.3bn U.S. market $6bn total addressable mar
Slide 17: Clear Growth Drivers Going Forward
Clear Growth Drivers Going Forward Core Organic Growth Leverage Industry Trends Increase Automation Penetration Innovate Fast-growing North American shale basins, such as the Permian and Bakken Customer desire for improved productivity, cost reduction and limited downtime Solutions to drive producti
Slide 18: Strong Financial Profile
Strong Financial Profile Strong growth and volume leverage Industry leading margins Low CapEx, strong FCF Disciplined capital allocation priorities Organic growth investment Reducing debt and leverage Targeted M&A % Pro Forma Adj. EBITDA Margin 14% 20% ~24% +34% YoY +102% YoY +16% YoY +36% YoY Reven
Slide 19: Summary: Why Own Apergy?
Summary: Why Own Apergy? Pure Play Onshore Equipment and Technology Leader Aligned with Positive Market Trends Best Products, Technologies, Brands and Response Time Strong Financial Performance Including FCF through Cycles Capitalizing on Strategic Investments Experienced and Motivated Team with Ali
Slide 20: Drilling Technologies
Drilling Technologies Rob Galloway
Slide 21: Drilling Technologies
Drilling Technologies Undisputed industry leader in polycrystalline diamond cutters for oil & gas drilling Uniquely positioned to leverage long-term favorable industry trends – US shale, horizontal drilling, increasing laterals Critical partner to customers in achieving drilling productivity 95%+ of
Slide 22: Polycrystalline Diamond Drill Bit Inserts & Bearings
Polycrystalline Diamond Drill Bit Inserts & Bearings Apergy Offering Custom designed and manufactured drill bit inserts Long-lasting diamond bearings for process-fluid-lubricated applications Uncompromising commitment to constant innovation, outstanding quality and superior customer service Drill Bi
Slide 23: Speed of drilling is the key determinant of drilling cost
Speed of drilling is the key determinant of drilling cost Ability to drill without the need to replace bits or bearings is critical to reduce drilling costs for customers Mission-Critical Products with Outsized Economic Importance to Customers Total Drilling Expense Variability Significant Variance
Slide 24: Unique Attributes Driving Outperformance
Unique Attributes Driving Outperformance Competitive Moats Proprietary Technology Supported by Best-in-class Manufacturing “Fast Learning” Cycles to Deliver Highly Engineered Solutions to Customers Broad and Deep Customer Relationships Rig Count Outperformance Growth in Apergy revenue per active rig
Slide 25: Clear Industry Leader
Clear Industry Leader Competitor Estimated Share of Drill Bit Insert Demand Product Customization Chinese Suppliers Long history of winning with premium products that drive customer productivity Focused on low-end Vertically integrated focus Modest #2 Strong #1 position Competitor A Competitor B Sou
Slide 26: Track Record of Leading Innovation and Excellence in Manufacturing
Track Record of Leading Innovation and Excellence in Manufacturing Cumulative Patents Issued Since 2008 Excellence in Manufacturing World class manufacturing facility (Orem, Utah) Shingo Price Award Winner – most prestigious award for operational excellence, considered “the Nobel Prize for manufactu
Slide 27: Industry-Leading PDC Technology
Industry-Leading PDC Technology Polycrystalline Diamond Compact Powerful & Proprietary Manufacturing Process Diamond is the hardest known material but also exhibits low friction and high thermal conductivity Polycrystalline diamond is formed by bonding small diamond particles into a larger, coherent
Slide 28: Fast Learning Enables Improved Performance
Fast Learning Enables Improved Performance Time to Introduce a New Product Rapid Learning Cycles – Improving Performance Problem Identification to Product Introduction (Average Days) Rock Removed per Unit of Diamond Goal of 60 days
Slide 29: Winning With Customers
Winning With Customers Innovation and Differentiated Product/Service Quality Define Apergy in the Marketplace Best Relationship Responsive to customer needs across all levels of leadership and functions Field relationships enable faster improvement of specific applications Superior Technology Superi
Slide 30: Case Study: How Apergy Wins
Case Study: How Apergy Wins – Innovation, Fast Learning and Customer Focus Problem Identified 9 field visits, analyzed 2000 cutters, identified 2 primary failure modes – cracking and spalling From identifying problem to customer solution in 60 days Customer Outcome Rapid Testing Thermal? Mechanical?
Slide 31: Key Growth Initiatives
Key Growth Initiatives Continue to advance technology and performance leadership Drive application specific share gain Capture international growth opportunity Expand applications Increase the pressure gap Most advanced diamond shaping capability Enhanced thermal stability High velocity application-
Slide 32: US Synthetic: Growth Momentum – Diamond Bearings
US Synthetic: Growth Momentum – Diamond Bearings Leveraging diamond science in a natural adjacency Diamond bearings is a fast-growing product line Provides higher load capability Allows designs without seals, less prone to failure Longer life with lower repair costs and longer repair intervals We le
Slide 33: Drilling Technologies Summary
Drilling Technologies Summary Undisputed industry leader Leading market position based on best technology and best customer service Growth drivers tied to long-term favorable industry trends – US shale, horizontal drilling, increasing laterals Critical partner to customers in achieving drilling prod
Slide 34: Production and Automation Technologies
Production and Automation Technologies (1) APAC excludes China. Paul Mahoney
Slide 35: Production & Automation Technologies
2017 Revenue $782mm (+23% yoy) Revenue Type Product Mix Geography US Basin Production & Automation Technologies Leading provider of production and automation equipment and solutions in North America and targeted global basins Trusted brands known for superior technology, highest quality / reliabilit
Slide 36: Leading Artificial Lift Technologies Provider
Leading Artificial Lift Technologies Provider Broad portfolio offering every type of Artificial Lift (“AL”) technology to provide “life-of-well” solutions and drive customer productivity through the lifecycle Strong market position in fastest growing US basins Largest dedicated AL service network di
Slide 37: Broad Product Offering
Broad Product Offering Electrical Submersible Pumping (ESP) 23% of Sales Centrifugal pumps Gas handling devices Sand/Gas separators Protectors and motors Controllers & electrical hardware Web-based monitoring system Surveillance & optimization Hydraulic & Gas Lift 8% of Sales Downhole equipment: man
Slide 38: Positioned to Benefit from Industry Growth Trends
Positioned to Benefit from Industry Growth Trends ESP Hydraulic & Gas Lift (1) Rod Lift ’17 Mkt. Size; ’17-20E CAGR $3.7bn +16% – +18% $0.5bn +16% – +18% $3.4bn +6% – +10% Use Cases Favored for handling initial production (IP) rates Most effective for dewatering Brought in as flow rate drops Fill li
Slide 39: Market Leader Offering Distinctive Portfolio Breadth
Market Leader Offering Distinctive Portfolio Breadth Leading independent full-scale and integrated artificial lift platform with full portfolio of artificial lift solutions Ability to offer customers right solutions to drive productivity throughout the life of the well Hydraulic Plunger Gas PCP ESP
Slide 40: Unique Attributes Enabling Highest Customer Satisfaction
Unique Attributes Enabling Highest Customer Satisfaction Competitive Moats Full Portfolio of Differentiated Product Technology Dedicated Service Network with Focus on Responsiveness, Technical Support & Application Knowledge Problem Solving Approach to Optimize Outcomes for Customers Across the Well
Slide 41: Dedicated Sales and Service Network Across Key North American Basins
Dedicated Sales and Service Network Across Key North American Basins 90% of operating wells in key unconventional oil-rich basins are located within 2 miles of an Apergy service center Dedicated AL service network ensures Apergy customers minimize downtime and maximize productivity Focus on Customer
Slide 42: Winning With Customers
Winning With Customers Artificial Lift Academy Expect over 2,000 participants in 2018 – driving product pull through Three modes of execution – in the field, in the classroom and online Customer Focus Groups User exchanges Customer advisory board Key accounts Apergy Advisory Services Design consulti
Slide 43: Digital Technology Drives Differentiated Solutions
Digital Technology Drives Differentiated Solutions Gas Lift Automation Optimization pilot project with select operators Differentiated controller and market-leading artificial lift SCADA platform Enhanced production and compressor utilization Optimal injection rate analysis ESP LOOKOUT™ Monitoring 2
Slide 44: Customer Example – Preferred Partner Across the Well Lifecycle
Customer Example – Preferred Partner Across the Well Lifecycle ESP Rod Lift Preferred partner across lifecycle of well Apergy Customer History Expanding Apergy’s TAM Unique Problem Solving Approach Customer since 2013; started with 100 ESPs Unconventional, horizontal wells with high initial producti
Slide 45: Key Strategies for Growth
Key Strategies for Growth Drive ESP Share Expansion Leverage strong product / service offering with established relationships to drive ESP expansion Low Maximize Growth in Fastest Growing Basins Bring full portfolio to support sustained growth and leadership in fastest growing basins (e.g., Permian)
Slide 46: ESP Momentum in the Permian Basin
174% ESP Momentum in the Permian Basin 1 Well Completion Growth vs. Apergy New Install Growth Permian Basin ESP Growth Momentum Through 2017 Apergy 2017 ESP growth: 75% growth across all regions 131% growth in Permian, compared to 54% growth in completions(1) 2017 actual ESP market growth: ~25% over
Slide 47: Premier Technology Set
Premier Technology Set Multi-zone Stacked Completion Use Growing in Permian Allows operators to simultaneously produce numerous zones via single wellbore Improves well productivity: larger IPs, reduced drilling & completions costs and shorter time to put on production (POP) ESPs are preferred in eff
Slide 48: Maximizing Growth in More Profitable Basins
Maximizing Growth in More Profitable Basins 2 PERMIAN Basin Basics Highest growth 170k+ wells; 85% vertical, 15% horizontal Current Artificial Lift Trends Sucker rod pump (SRP) clear favorite High ESP usage, but Gas Lift (GL) taking some share Strong growth driven by lower break-evens, robust capita
Slide 49: Significant Growth Opportunity in Rod Lift
Significant Growth Opportunity in Rod Lift 3 Apergy’s Superior Product Portfolio Significant Rod Lift Backlog Significant growth opportunity ahead as the high flowing wells on ESP and gas lift decline to lower flows – pent up demand expected to show in 2H 2018 and beyond Partnering with operators fo
Slide 50: International Growth
International Growth Targeting markets aligned with technology strengths and lower geopolitical risk LATIN AMERICA $1.0bn market; 8-10% annual growth 2017-2021 Argentina inorganic PCP investment followed by strong investment to grow additional product lines Colombia historical growth and investment
Slide 51: Production & Automation Technologies Summary
Production & Automation Technologies Summary Uniquely positioned with full portfolio of “best-in-class” artificial lift solutions – driving customer productivity throughout the life of the well Industry leading brands with outstanding reputation for quality, performance and service – Norris, Harbiso
Slide 52: Automation Technologies
Automation Technologies Ali Raza
Slide 53: Leader in Wellsite Automation Technologies: Monitor, Analyze, Optimize
Leader in Wellsite Automation Technologies: Monitor, Analyze, Optimize Recognized as innovative leader in digital IIoT solutions that support and integrate all of our customer’s digital needs Offers full portfolio of connected devices, cloud based analytics and actionable insights Provide ‘tiered se
Slide 54: Apergy Integrated Digital Platform Offering
Apergy Integrated Digital Platform Offering Outcome Based Component Profitable Growth Capture market volume through broader deployment Capture value through analytics Outcome based services with AI analytics Cloud based IIoT ecosystem Driving high profitability digital growth through a common IIoT p
Slide 55: Production Optimization
Production Optimization Brand Portfolio Full spectrum of software solutions including: Rod pumping optimization software Field surveillance and analytics Training courses and consulting services Wellsite control and optimization solutions & software Genesis controller for well operations on-site Che
Slide 56: Downhole Monitoring – Quartzdyne
Downhole Monitoring – Quartzdyne Drilling Industry-standard resonating quartz pressure transducer Extremely accurate, low-drift and high-resolution data under extreme conditions Leveraging our differentiated technology position to expand into adjacent markets Applications / Market Segments Productio
Slide 57: Asset Integrity Management – Windrock
Asset Integrity Management – Windrock Value Proposition Markets Products Reciprocating, rotating and vibrating equipment monitoring and analysis Deep expertise in subject matter Ability to capture data from critical assets Protect assets against catastrophic failures Measure performance and improve
Slide 58: Apergy Competitive Moats
Apergy Competitive Moats Competitive Moats Differentiated Position vs. Peers Subject Matter Expertise Unique Channel Access Technology & Development Partnerships Customer Service Deep subject matter expertise in artificial lift and compressors Data collection / analytics to augment deep domain knowl
Slide 59: Strong Partnerships & Advisory Board Drive Market Access
Strong Partnerships & Advisory Board Drive Market Access and Speed of Innovation Business Partners Technical Partners Advisory Council Enable access to untapped markets and verticals Expedite solid product foundation Provide guidance to IIoT journey; Board meets every quarter
Slide 60: Strong Growth in Monitoring
Strong Growth in Monitoring Over Last 10 Years XSPOC HISTORICAL WELL COUNTS Automation Technology Growth Driven by Increased Adoption à Significant Upside Remains Copyright 2018 Apergy. All rights reserved. +11% Monitoring CAGR; 48% Analysis CAGR (Past 10 Years) Growing share, increasing penetration
Slide 61: Technology Development & Customer Adoption
Technology Development & Customer Adoption Measuring & Tracking Autonomous Assets & Operations Modeling & Predicting IoT Wave 3 IoT Wave 1 IoT Wave 2 Smart Hardware Direction of product and technology development; Apergy can play at each wave Smart Software Smart Analytics Traditional data acquisiti
Slide 62: Solving Problems for Customers – Production Optimization Example
Results Equipment Reliability Deviated Wells Failures at West Texas field 132 wells on rod pump artificial lift Over pumping causing pump failures Rod failures were on a rise Unique differentiators proven through customer use cases driving share gain Solutions Problems Failures every 2 to 3 months W
Slide 63: Solving Problems for Customers – Asset Integrity Management Example
Compression loss on pipeline Alarm flooding on Leak Index Highly differentiated offering gaining deep traction with industry leading customers 35 million miles driven by field personnel 37 annual safety incidents Compressors sampled once per quarter Added 24/7 online monitoring on the compressor Rea
Slide 64: Automation Technologies Summary
Automation Technologies Summary Leading provider of solutions aimed at creating end-to-end production automation platform One of the first movers in the emerging “digital wellsite” market with the right product suite and technology capabilities to win Provide critical equipment and software to monit
Slide 65: Financial Overview
Financial Overview Jay Nutt <<< id<<44q<<< id4iq<q<<4 444s
Slide 66: Financial Highlights
Financial Highlights Levered to favorable oil & gas industry trends Substantial recurring revenue base Industry-leading margins through the cycle Low capital intensity Superior free cash flow conversion Efficient capital structure and capital allocation
Slide 67: Levered to Key Oil & Gas Industry Trends
Levered to Key Oil & Gas Industry Trends + + Core Growth Drivers Stability Enhancers New Growth Opportunities Increasing adoption of digital applications Expanding international presence Driving continuous innovation for new products Long-standing customer relationships Significant recurring revenue
Slide 68: Revenue & Growth Rate; Pro Forma Adjusted EBITDA & Margin
Revenue & Growth Rate Pro Forma Adjusted EBITDA(1) & Margin Strong Performance Through The Cycle ($ in millions) Note: Adjusted EBITDA is a non-GAAP measure. Please see the appendix for reconciliations to the most directly comparable GAAP measure. Peers include Baker Hughes GE, Core Labs, Dril-Quip,
Slide 69: Track Record of Delivering Productivity Improvements
Track Record of Delivering Productivity Improvements Productivity Initiatives % of Cost of Goods Sold Productivity initiatives represent ~4.5% of historical cost of goods sold Direct Materials Overhead & Other SG&A Wage & Benefits Distribution & Transportation Continuous improvement culture Drivers
Slide 70: Summary Segment Financial Metrics
Summary Segment Financial Metrics ($ in millions) Production & Automation Technologies Drilling Technologies Adj. Segment EBITDA Revenue Note: Adjusted Segment EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization expense and restructuring charges to segment earnings.
Slide 71: EBITDA to Pro Forma Adj. Free Cash Flow Conversion
EBITDA to Pro Forma Adj. Free Cash Flow Conversion(1) 2013–2017 Average Industry-Leading Free Cash Flow Conversion Note: Peers include Baker Hughes GE, Core Labs, Dril-Quip, Flotek, Forum Energy, Gardner Denver, Halliburton, Hunting, National Oilwell Varco, Oil States, Schlumberger, Schoeller-Bleckm
Slide 72: Efficient Capital Structure and Capital Allocation
Efficient Capital Structure and Capital Allocation Strong Balance Sheet $ in Millions At Spin Cash ~$25 Total Debt ~$700 Net Debt ~$675 Total Debt / EBITDA (’18E) 2.5x Net Debt / EBITDA (’18E) 2.4x Disciplined Capital Allocation Priorities Organic growth investments Continued funding of research and
Slide 73: Strong Financial Performance to Continue in 2018
Strong Financial Performance to Continue in 2018 Note: Adjusted EBITDA is a non-GAAP measure. Please see the appendix for reconciliations to the most directly comparable GAAP measure. Apergy is unable, without unreasonable efforts, to provide a quantitative reconciliation of non-GAAP projections of
Slide 74: Summary: A Powerful Financial Model
Summary: A Powerful Financial Model Strong Growth Outlook Proven Record Through the Cycle Industry-leading Margins with Opportunity to Expand Superior Free Cash Flow Conversion Leading market positions in fast growing basins 40% of revenue recurring Expanding global reach and increasing automation p
Slide 75: Apergy: Unlocking Energy – Summary
Apergy: Unlocking Energy SUMMARY Soma Somasundaram
Slide 76: Strong Investment Thesis
Strong Investment Thesis Leading equipment and digital technology provider to the upstream oil and gas industry Industry leadership with portfolio of trusted brands with reputation for quality, performance and service Substantial presence in growing basins, segments and regions with >80% of revenue
Slide 77: Apergy Team
Apergy Team <<< id<<44q<<< id4iq<q<<4 444s
Slide 78: P&G Information – May not be copied or distributed outside of P&G. Concepts only
Confidential P&G Information – May not be copied or distributed outside of P&G. Concepts only may be shared with retailer and, or agency partners under signed CDA(s). Unpublished Copyright 2018 P&G. All rights reserved. All shelving, distribution, pricing, and promotion decisions are at the sole dis
Slide 79: Reconciliation from Net Income to Pro Forma Adj. EBITDA
Reconciliation from Net Income to Pro Forma Adj. EBITDA ($ in millions) Note: Totals may not foot due to rounding. Other expense, net primary includes royalty expense paid to Dover. Adjusted EBITDA, a non-GAAP measure, is defined as net earnings (loss) excluding, income taxes, depreciation and amort
Slide 80: Reconciliation from Operating Cash Flow to Pro Forma Adj. Free Cash Flow
Reconciliation from Cash Flow provided by Operating Activities to Pro Forma Adj. Free Cash Flow ($ in millions) Note: Totals may not foot due to rounding. Adjusted free cash flow, a non-GAAP measure, represents net cash provided by operating activities minus capital expenditures plus the change in i
Slide 81: Reconciliation from Segment Earnings to Adj. Segment EBITDA
Reconciliation from Segment Earnings to Adj. Segment EBITDA ($ in millions) Note: Totals may not foot due to rounding. Adjusted segment EBITDA, a non-GAAP measure, is calculated by adding back deprecation and amortization expense and restructuring charges to segment earnings (loss). 1 1
Slide 82: Form Income Statement
Form 10 Income Statement ($ in millions) Note: Totals may not foot due to rounding.
Slide 83: Form Cash Flow Statement
Form 10 Cash Flow Statement ($ in millions) Note: Totals may not foot due to rounding.
Slide 84: Form Cash Flow Statement (contd.)
Form 10 Cash Flow Statement (contd.) ($ in millions) Note: Totals may not foot due to rounding.
Slide 85: Other Supplemental Information
Other Supplemental Information ($ in millions) Note: Totals may not foot due to rounding. The Wellsite forecast estimate of $250mm was before restructuring and estimated public company expenses. Public company expenses were estimated at $35mm. Form 10, page 58 (all periods). Form 10, page F-39 ('17,