• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 4 hours How Far Have We Really Gotten With Alternative Energy
  • 4 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.

SLB Announces $8-Billion Deal as Mergers Extend to Oilfield Sector

SLB, the world’s top oilfield services provider, announced on Tuesday a definitive agreement to buy smaller competitor ChampionX Corporation in an all-stock deal valued at $7.75 billion, as the energy sector consolidation extends to the oilfield services segment.

SLB and ChampionX announced the agreement whose terms stipulate that ChampionX shareholders will receive 0.735 shares of SLB common stock in exchange for each ChampionX share. At the closing of the transaction ChampionX shareholders will own around 9% of SLB’s outstanding shares of common stock.

After the deal was announced, ChampionX’s shares jumped by 10% in pre-market trade on the NASDAQ.  

The deal – subject to ChampionX shareholders’ approval, regulatory approvals, and other customary closing conditions – is expected to close before the end of 2024.

“Our customers are seeking to maximize their assets while improving efficiency in the production and reservoir recovery phase of their operations,” SLB’s chief executive officer Olivier Le Peuch said, commenting on the deal.

“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 executive added.

“Our core strategy remains centered on meeting growing energy demand while accelerating decarbonization and emissions reduction through innovation, scale and digitalization in our core oil and gas business,” Le Peuch said.

SLB also said in the same statement today that it would return $7 billion to shareholders over the next two years. SLB will increase its 2024 shareholder returns to a target of $3 billion. The company also set a target for 2025 shareholder returns of $4 billion.


The deal involving the world’s largest oilfield services provider follows a series of merger agreements in the upstream and midstream sectors in the United States. More than $100 billion worth of deals have been announced in recent months and analysts expect the consolidation to continue.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News