Schlumberger to Acquire ChampionX in $7.75B Deal

Global technology company, Schlumberger Limited (NYSE: SLB) announced today that it will acquire ChampionX (Nasdaq: CHX) in an all-stock transaction valued at $7.75 billion. The acquisition comes at an important time in the industry as demand grows for scalable emerging technologies such as AI and autonomous operations across global operations.

Under the terms of the agreement, SLB expects to realize annual pretax synergies of approximately $400 million within the first three years post-closing through revenue growth and cost savings. The company will also return $7 billion to shareholders over the next two years. SLB stated that it will increase its 2024 shareholder returns to a target of $3 billion as well as set a target for 2025 shareholder returns of $4 billion.

Olivier Le Peuch, SLB’s Chief Executive Officer, said, “This presents a significant opportunity for service providers who can partner with customers throughout the entire production lifecycle, offering integrated solutions and delivering differentiated value. The combination of ChampionX’s strong production-focused leadership throughout North America and beyond with our own international presence, unmatched technology portfolio, and history of innovation will drive tremendous value for our customers and stakeholders.”

ChampionX stated that becoming part of SLB will provide it with the resources and reach to continue to lead the industry in providing energy to the world in an economically and environmentally sustainable way. “Our companies share a vision for the future of energy that leverages technology and innovation to solve our customers’ most complex problems and better serve the communities in which we operate,” said Soma Somasundaram, President and CEO of ChampionX.

“This commitment to our shareholders for 2024 and 2025 highlights our confidence in the value this transaction will create and in our ability to continue generating strong cash flow from our broader portfolio this year and next,” concluded Mr. Le Peuch.

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at

About ChampionX

ChampionX Corporation is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at


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Schlumberger to Acquire ChampionX in $7.75B Deal

Catie Corcoran

Biotech Editor