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Acquisition strengthens SLB as a leader in production space, with world-class production chemicals and artificial lift technologies

Combined portfolios will drive customer value through deep industry expertise and digital integration, as well as enhanced equipment life and production optimization

ChampionX shareholders to receive 0.735 SLB shares for each share of ChampionX (about $40/share)

Annual pre-tax synergies to reach approximately $400 million within three years

SLB will increase its total returns to shareholders to a target of $3 billion in 2024; sets target for returns to shareholders of $4 billion in 2025

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Posted by DeCat ODahouse

Premium Member

Member since Jan 2017

1375 posts

Posted on 4/2/24 at 7:32 am to evil cockroach

Appreciate the heads up. CHX was an interesting play for awhile, sorry to see them absorbed into the larger entity.

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Posted by Oilfieldbiology

Member since Nov 2016

37624 posts

Posted on 4/2/24 at 7:41 am to evil cockroach

This is a big deal. I’m curious is SLB is looking at getting into the downstream market like Baker and Halliburton are from a chemical perspective.

This post was edited on 4/2/24 at 7:44 am

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Posted by Bestbank Tiger

Premium Member

Member since Jan 2005

71599 posts

Posted on 4/2/24 at 8:36 am to evil cockroach

Dang. Just sold them on a swing trade. Could have made even more if I'd been a bit more greedy.

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Posted by The Goon

Baton Rouge, LA

Member since Nov 2008

1253 posts

Posted on 4/2/24 at 10:23 am to evil cockroach

I don’t really understand this purchase by SLB. ChampionX seems like a rod lift company with upstream water chemicals on the side. This feels like a Weatherford type of purchase with redundant business groups that will not merge properly. Rodlift is a beast on its own with low margin and high volume if you have the infrastructure, but SLB has no real history.

ChampionX branches out a bit too with software and reliability product lines. Hopefully slb will be better than Baker Hughes which left Bentley Nevada in the corner to collect dust.

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Posted by msutiger

Shreveport

Member since Jul 2008

69686 posts

Posted on 4/2/24 at 10:35 am to evil cockroach

Interesting. I turned down a job with ChampionX a few months ago. /CSB

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Posted by Double Oh

Louisiana

Member since Sep 2008

18185 posts

Posted on 4/2/24 at 3:25 pm to evil cockroach

SLB one of the worst companies around in the oil sector

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Posted by GREENHEAD22

Member since Nov 2009

19646 posts

Posted on 4/2/24 at 4:50 pm to The Goon

Big Blue is notorious for buying companies and running them into the ground. Especially if they have anything to do with the land side of things.

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Posted by tgdk11

Member since Nov 2017

1088 posts

Posted on 4/2/24 at 11:00 pm to The Goon

Worked for champion X when they were nalco champion. Both supporting the frac side and the production side. Their a chemical company that sells to production wells, onshore and offshore. Frac side division died when my current company killed their friction reducer market share (along with snf, kemira, etc). All it has left is overseas stuff with hal, etc. Production chemical group is the big kahuna there. Everyone at champion is not excited about it. Companies been through the Ecolab acquisition, nalco and champion merger, divestiture from Ecolab, merger with apergy, now this.

This post was edited on 4/2/24 at 11:02 pm

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