SLB Finalizes ChampionX Acquisition, Expands Production Focus

SLB announced it has completed its acquisition of ChampionX Corporation. Under the terms of the agreement, ChampionX shareholders received 0.735 shares of SLB common stock for each ChampionX share, resulting in former ChampionX shareholders owning approximately 9% of SLB’s outstanding common stock.

This acquisition is expected to strengthen SLB's position in the production and recovery sector. The integration of ChampionX’s production chemicals and its artificial lift, digital, and emissions technologies aims to enhance SLB's portfolio, improving performance and extending asset life throughout the production lifecycle. The combination of ChampionX’s production-focused solutions and customer relationships, particularly in North America, with SLB’s international presence, is intended to create value for customers and stakeholders globally. The acquisition also merges expertise and customer insights across the production and recovery space.

Olivier Le Peuch, CEO, SLB, stated that the acquisition is timely as customers increasingly prioritize production advancements to maximize oil and gas recovery. He added that this move expands SLB’s presence in a growing and less cyclical market, aligning with the company’s capital-light growth strategy. The acquisition extends SLB’s capability to provide integrated production solutions and offers a platform for accelerating digital adoption, optimizing production, and reducing customer total cost of ownership.

SLB expects to return US$4 billion to shareholders in 2025 and anticipates realizing approximately US$400 million in annual pretax synergies from the ChampionX acquisition within the first three years post-closing, through revenue growth and cost savings.