HOUSTON (dpa-AFX) - Schlumberger Limited (SLB) Wednesday, announced that it has officially closed its acquisition of ChampionX Corporation.
As part of the deal, ChampionX shareholders received 0.735 shares of SLB common stock for each ChampionX share held. Following the transaction, former ChampionX shareholders collectively own about 9% of SLB's outstanding common stock.
The acquisition enhances SLB's position in the production and recovery sector by integrating ChampionX's production chemicals, artificial lift, emissions control, and digital technologies into its existing portfolio. This combination is expected to improve operational performance and extend asset lifespans across the production lifecycle. The deal brings together complementary strengths-ChampionX's production-focused solutions and strong North American customer base with SLB's international scale and innovation.
SLB CEO Olivier Le Peuch highlighted the strategic timing of the acquisition, as customers increasingly focus on production optimization to boost oil and gas recovery. He noted that the move aligns with SLB's capital-light, returns-driven growth strategy and accelerates digital adoption while lowering total ownership costs for clients.
SLB anticipates achieving approximately $400 million in annual pretax synergies within three years through cost savings and revenue growth. The company also reaffirmed its commitment to return $4 billion to shareholders in 2025.
Wednesday, SLB closed at $34.59, down 1.37%, and in after-hours trading edged up slightly to $34.60, a 0.03% gain on the NYSE.
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