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ChampionX Corporation - CHX STOCK NEWS

Welcome to our dedicated page for ChampionX Corporation news (Ticker: CHX), a resource for investors and traders seeking the latest updates and insights on ChampionX Corporation stock.

ChampionX Corporation (NASDAQ: CHX) is a global leader in chemical solutions, artificial lift systems, and highly engineered equipment and technologies for the oil and gas industry. Formed in 2020 from the acquisition of Ecolab's chemical technologies by Apergy, ChampionX brings over a century of expertise in delivering innovations that shape the market's future. The company specializes in providing chemical solutions and equipment for both onshore and offshore oil and gas production, with a particular focus on the production phase of wells.

ChampionX's key offerings include artificial lift services and drilling technologies, such as polycrystalline diamond cutter inserts. The company also excels in digital automation applications and real-time emissions monitoring throughout the well lifecycle. ChampionX's Production & Automation Technologies (PAT) segment designs, manufactures, and services a full range of artificial lift equipment, end-to-end automation solutions, and other production equipment.

In recent developments, ChampionX has announced the acquisition of Artificial Lift Performance Limited (ALP), a provider of advanced analytics solutions to enhance oil and gas production performance. This acquisition strengthens ChampionX's digital growth strategy, combining ALP's Pump Checker™ software with ChampionX's XSPOC™ optimization software to deliver comprehensive analytics for all major artificial lift types.

Financially, ChampionX has continued to perform robustly. In the first quarter of 2024, the company reported revenues of $922.1 million, with a net income attributable to ChampionX of $112.9 million. The adjusted EBITDA stood at $191.7 million, reflecting a margin of 20.8%. The company generated $173.5 million in cash from operating activities and $144 million in free cash flow.

ChampionX's ongoing projects and strategic acquisitions, such as the purchase of RMSpumptools, aim to enhance its portfolio and expand its market presence globally. With a strong focus on sustainable and efficient oil and gas production, ChampionX continues to innovate and provide valuable solutions to its customers.

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ChampionX has acquired RMSpumptools , a company known for its mechanical and electrical solutions for artificial lift applications. This acquisition aims to enhance ChampionX's Production & Automation Technologies (PAT) portfolio, providing growth opportunities in international markets including the Middle East, Latin America, and global offshore projects. RMSpumptools will operate as a standalone unit within ChampionX's PAT segment, ensuring high customer service standards. The acquisition aligns with ChampionX's strategy to expand its footprint in North America and leverage RMSpumptools' expertise in ESP monitoring systems and subsea connector technologies.

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SLB (NYSE: SLB) has announced a second request for additional information from the U.S. Department of Justice (DoJ) regarding its planned acquisition of ChampionX (NASDAQ: CHX). This request is a part of the DoJ's review process. The acquisition, which received approval from ChampionX stockholders on June 18, 2024, is anticipated to close by either the fourth quarter of 2024 or the first quarter of 2025, contingent on regulatory approvals and customary closing conditions.

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ChampionX has announced a quarterly dividend of $0.095 per share for its common stock. This dividend will be paid on July 26, 2024, to shareholders who are on record as of July 5, 2024. The announcement was made on May 16, 2024, by the company's Board of Directors. With a par value of $0.01 per share, this decision maintains ChampionX's commitment to returning value to its shareholders.

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ChampionX reported its first quarter 2024 results with revenue of $922.1 million, a 3% decrease year-over-year. Net income rose by 78% to $112.9 million, and adjusted EBITDA increased by 4% to $191.7 million. The company returned 38% of cash from operating activities and 46% of free cash flow to shareholders. ChampionX agreed to be acquired by SLB in an all-stock transaction, subject to shareholder and regulatory approval. Production Chemical Technologies revenue decreased by 7%, while Production & Automation Technologies revenue increased by 5%. Drilling Technologies revenue rose by 18%. Reservoir Chemical Technologies revenue increased by 15%. Various business highlights and strategic partnerships were also announced.
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SLB reported strong first-quarter 2024 results with revenue of $8.71 billion, a 13% year-on-year increase, and net income of $1.07 billion, up 14% year-on-year. The company announced a target to return $7 billion to shareholders over 2024-2025. International revenue grew 18% year-on-year, compensating for a 6% decline in North America. SLB CEO Olivier Le Peuch highlighted revenue growth, EPS increase, and adjusted EBITDA growth of 15%. The company aims to continue its momentum in the coming quarters.
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ChampionX (CHX) will release its first quarter 2024 operating results on April 24, 2024, without a conference call or webcast.
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SLB to Acquire ChampionX in All-Stock Transaction to Strengthen Production Space Leadership. SLB to Increase Shareholder Returns to $3 Billion in 2024 and $4 Billion in 2025. Annual Synergies of $400 Million Expected within Three Years.
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ChampionX to Acquire RMSpumptools for Approximately $110 Million, Enhancing Production and Automation Technologies Portfolio
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ChampionX Corporation acquires Artificial Lift Performance Limited, a provider of advanced analytics solutions for oil and gas production optimization. The acquisition aims to enhance productivity and profitability through digital growth strategies.
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ChampionX Corporation (NASDAQ: CHX) announced fourth quarter of 2023 and full year 2023 results. The fourth-quarter revenue decreased 4% year-over-year, flat sequentially. Net income increased 14% year-over-year and decreased 1% sequentially. Adjusted EBITDA increased 10% year-over-year, flat sequentially. Full-year net income increased 103% year-over-year, adjusted EBITDA increased 25% year-over-year. The company repurchased $118 million of common stock in Q4’23 and $277 million in full-year 2023. The board approved an increase in share repurchase program authorization to $1.5 billion and a 12% increase in regular quarterly dividend to $0.095 per share.
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FAQ

What does ChampionX Corporation specialize in?

ChampionX specializes in chemical solutions, artificial lift systems, and highly engineered equipment and technologies for the oil and gas industry.

When was ChampionX formed?

ChampionX was formed in 2020 after Apergy acquired the chemical technologies business from Ecolab.

What are ChampionX's key offerings?

Key offerings include artificial lift services, drilling technologies, and digital automation applications for the oil and gas industry.

What recent acquisitions has ChampionX made?

Recent acquisitions include Artificial Lift Performance Limited (ALP) and RMSpumptools, enhancing its digital growth strategy and market presence.

How did ChampionX perform financially in the first quarter of 2024?

ChampionX reported $922.1 million in revenue, $112.9 million in net income attributable to the company, and $191.7 million in adjusted EBITDA with a 20.8% margin.

What does ChampionX's Production & Automation Technologies (PAT) segment focus on?

The PAT segment focuses on designing, manufacturing, and servicing artificial lift equipment, end-to-end automation solutions, and other production equipment.

What is the significance of ChampionX's acquisition of Artificial Lift Performance Limited?

The acquisition enhances ChampionX's digital growth strategy, combining ALP's advanced analytics software with ChampionX’s XSPOC optimization software.

What is the focus of ChampionX's ongoing projects?

Ongoing projects focus on sustainable and efficient oil and gas production, enhancing the company's portfolio and expanding its global market presence.

Where can I find more information about ChampionX?

More information can be found on ChampionX's official website at www.championX.com.

What is ChampionX's strategy for future growth?

ChampionX aims to continue its focus on digital growth, strategic acquisitions, and providing innovative solutions for efficient oil and gas production.

ChampionX Corporation

Nasdaq:CHX

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6.68B
190.43M
0.9%
104.27%
2.92%
Oil and Gas Field Machinery and Equipment Manufacturing
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