SLB completes acquisition of ChampionX

SLB has completed its acquisition of ChampionX Corporation, which is set to strengthen SLB's production and recovery capabilities

SLB will integrate ChampionX production chemicals and its complementary artificial lift, digital, and emissions technologies into its portfolio, helping to enhance performance and extend asset life along the production lifecycle. The combination of ChampionX’s leading production-focused solutions and customer relationships throughout North America and beyond, with SLB’s strong international presence and history of innovation, will drive significant value for customers and stakeholders globally. The acquisition will also strengthen SLB’s expertise, with domain knowledge and customer insights across the entire production and recovery space.

"This acquisition comes at a pivotal time in the industry as our customers increasingly prioritise advancements in production to maximise recovery of oil and gas,” said Olivier Le Peuch, chief executive officer of SLB. “This move expands SLB’s presence in this important, less cyclical, and growing market that aligns closely with our returns-focused, capital-light core growth strategy. It extends our capability to provide integrated production solutions and provides another platform for accelerating digital adoption, optimising production and reducing total cost of ownership for our customers.”

With the closing of the transaction, former ChampionX shareholders now own around 9% of SLB’s outstanding shares of common stock.

SLB remains on track to return US$4bn to shareholders in 2025 and expects to realise annual pretax synergies from the ChampionX acquisition of approximately US$400mn within the first three years post-closing through revenue growth and cost savings.