Championx Corporation - CHX STOCK NEWS

ChampionX Corporation (Nasdaq: CHX) declared a regular quarterly dividend of $0.075 per share on May 12, 2022. The dividend will be paid on July 29, 2022, to shareholders on record as of July 1, 2022. ChampionX is recognized for its innovative chemistry solutions and equipment that enhance the safety and efficiency of oil and gas drilling worldwide. The company’s focus is on improving well performance during the production phase, supporting its commitment to operational excellence.

ChampionX Corporation (NASDAQ: CHX) reported first-quarter 2022 results with revenue of $866.0 million, a 26% year-over-year increase. Net income was $36.7 million with adjusted EBITDA at $124.8 million, a 32% increase year-over-year. Cash flow was negative, with an operating cash flow of $(43.1) million and free cash flow of $(61.0) million. The company initiated a quarterly dividend of $0.075 per share and announced a $250 million share repurchase program. Looking ahead, revenue for Q2 is expected between $875 million and $905 million.

Magellan Midstream Partners (NYSE: MMP) announced the retirement of Robert Croyle from its board, effective April 30, after 13 years of service. Sivasankaran "Soma" Somasundaram will succeed him, starting May 1. Soma brings over 30 years of experience in energy and industrial markets, currently serving as CEO of ChampionX Corporation (NASDAQ: CHX). His background includes leadership roles at Apergy Corporation (NYSE: APY) and Dover Corporation, focusing on operational excellence and growth strategies. This board change aims to enhance value for long-term investors.

ChampionX LLC announced a supply surcharge for its Chemical Technologies customers, effective immediately. This decision stems from rising global unrest and a constrained supply environment that have led to high inflation in the energy sector. COO Deric Bryant emphasized that this surcharge is necessary to maintain seamless service and support security of supply for customers. ChampionX aims to establish permanent pricing agreements reflecting current costs in the industry.

ChampionX Corporation (NASDAQ: CHX) announced it will release its Q1 2022 operating results on April 26, 2022, after market close. The company will hold a conference call on April 27, 2022, at 8:00 AM CT to discuss the results. Investors can access the call via live webcast on ChampionX’s website or by phone. A replay will be available for 30 days post-call. ChampionX specializes in chemistry solutions and engineered equipment for oil and gas production, aiming for efficiency throughout the lifecycle of wells.

ChampionX Corporation has announced a new $250 million share repurchase program to enhance shareholder returns. The program allows for periodic buybacks of common stock in the open market or via private transactions, contingent on market conditions and free cash availability. The CEO emphasized a commitment to disciplined capital allocation, including a new quarterly dividend of $0.075 per share. The program has no time limit and is expected to be funded through cash generated from operations, aligning with their strategy of investing in growth opportunities while maintaining a strong balance sheet.

ChampionX Corporation reported Q4 2021 revenue of $822.1 million and net income of $43.4 million, with adjusted EBITDA at $133.1 million.

Free cash flow reached $71.0 million, equating to 9% of revenue. The company repaid $46.7 million in debt, achieving a 1.0x net leverage ratio. ChampionX is initiating a quarterly cash dividend of $0.075 per share, with a committed focus on capital allocation and growth amidst ongoing supply chain challenges.

ChampionX Corporation (NASDAQ: CHX) has launched the HIGH RISE™ series pumps under its UNBRIDLED® ESP Systems. These pumps utilize patented Oculus™ technology, delivering up to 33% more lift per unit length, which enhances performance and reduces installation times. The HIGH RISE series accommodates production rates from 200 to 7,500 BPD and lowers carbon emissions by one ton per installation. Additionally, the design improvements offer 20% greater shaft strength and 40% increased pull strength, aiming to extend ESP longevity and overall well production efficiency.

ChampionX Corporation (NASDAQ: CHX) announced its plans to release fourth quarter and full year 2021 results on February 9, 2022, after market close. A conference call is scheduled for February 10, 2022, at 8:00 a.m. CT to discuss the financial outcomes. Investors can access the call via a live webcast on ChampionX’s website or by calling specified numbers. The company is a leader in chemistry solutions and engineered equipment for oil and gas production.