Championx Corporation Stock Price, News & Analysis

ChampionX Corporation (Nasdaq: CHX) has been honored as ExxonMobil's inaugural "Supplier of the Year" for 2022, marking a significant achievement in supplier recognition. This award identifies suppliers meeting high-performance standards, emphasizing on-time delivery, safety, and service quality. ChampionX's CEO Soma Somasundaram expressed gratitude for this acknowledgment, highlighting the company's commitment to improving customer relationships and value delivery. The award reflects ChampionX's role in supporting ExxonMobil's critical operations in Guyana and the Permian Basin.

ChampionX Corporation has announced a quarterly dividend of $0.075 per share, payable on January 27, 2023, to shareholders on record by January 6, 2023. This reflects the company's commitment to delivering shareholder value. ChampionX is recognized for its innovative solutions in the oil and gas sector, enhancing production efficiency and sustainability through advanced technology. The company is positioned as a leader in chemistry solutions and artificial lift systems.

ChampionX Corporation reported a 25% increase in revenue, reaching $1.0 billion year-over-year, with a 10% sequential growth. However, net income fell 59% year-over-year to $23.1 million. Adjusted net income rose 116% to $67.8 million, while adjusted EBITDA increased by 34% to $166.1 million. ChampionX declared a share repurchase program increase to $750 million. Positive cash flow trends were highlighted, with free cash flow at $167.4 million. Management remains optimistic about the upcoming quarter's performance.

US Synthetic, a unit of ChampionX (Nasdaq: CHX), is considering an appeal after a U.S. International Trade Commission ruling deemed its patents for polycrystalline diamond materials as abstract ideas and patent ineligible. Despite this ruling, US Synthetic expects minimal impact on its financial results, estimating less than a 3% effect on its Drilling Technologies revenue. The company emphasizes its strong IP portfolio with over 450 patents and reaffirms its market leadership in polycrystalline diamond technology.

ChampionX Corporation (CHX) will release its third quarter 2022 operating results on October 25, 2022, after market close. A conference call is scheduled for October 26, 2022, at 8:00 a.m. CT for discussing these results. Interested parties can access the call via webcast or by phone. ChampionX specializes in providing chemistry solutions, artificial lift systems, and engineered technologies for safe and efficient oil and gas production.

ChampionX Corporation (Nasdaq: CHX) has declared a quarterly dividend of $0.075 per share on its common stock. This dividend will be paid on October 28, 2022 to shareholders recorded by October 7, 2022. ChampionX is a leader in chemistry solutions and engineered equipment for safe and efficient oil and gas production globally.

ChampionX Corporation reported robust second quarter 2022 results, with revenue of $932.6 million, marking a 24% year-over-year increase and 8% sequential growth. Net income attributable to ChampionX reached $27.3 million, up 277% year-over-year but down 26% sequentially. Adjusted EBITDA was $138.3 million, a 31% increase year-over-year. The company generated $74.2 million in operating cash flow and $53.5 million in free cash flow, returning over 60% of free cash flow to shareholders through dividends and stock repurchases. Looking ahead, ChampionX expects Q3 revenue between $925 million and $955 million.