Form 4: ChampionX CEO Converts Shares to SLB Stock Following Merger Completion

ChampionX Corp's President and CEO, Sivasankaran Somasundaram, has converted all his ChampionX shares into Schlumberger Limited (SLB) common stock following the completion of the merger.

Summary

• Sivasankaran Somasundaram, President & CEO and Director of ChampionX Corp (CHX), reported the disposition of his beneficial ownership in ChampionX common stock.
• The transaction occurred on July 16, 2025, as a result of the merger between ChampionX Corp and Schlumberger Limited (SLB).
• Prior to the merger, Somasundaram directly owned 844,813 shares of ChampionX Common Stock.
• He also indirectly owned 99,011 shares of ChampionX Common Stock through a Limited Partnership.
• Following the merger, his beneficial ownership in ChampionX Common Stock is 0 shares.
• Each outstanding share of ChampionX Common Stock was cancelled and converted into the right to receive 0.735 shares of SLB common stock.
• Outstanding restricted stock units (RSUs) of ChampionX were converted into SLB RSU Awards, with the number of SLB shares adjusted by the 0.735 exchange ratio.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While a Form 4 typically reports a transaction without inherent sentiment, the completion of a merger, as indicated by this filing, generally signifies the successful execution of a strategic corporate action. It's a factual report of a completed event.

Future Outlook

The filing details the completed merger, indicating ChampionX Corp is now an indirect wholly-owned subsidiary of Schlumberger Limited. This transaction concludes the integration of ChampionX's equity into SLB's structure.

Industry Context

This filing reflects the finalization of a significant consolidation event within the energy services sector, where ChampionX, a provider of production optimization solutions, has been acquired by Schlumberger, a global technology company in the energy industry. Such mergers are common strategies for expanding market share, integrating technologies, and achieving operational synergies.

Stakeholder Impact

• Shareholders of ChampionX Corp had their shares converted into SLB common stock, impacting their investment vehicle and future returns based on SLB's performance.
• Employees of ChampionX Corp, particularly those with restricted stock units, had their equity awards converted to SLB RSU Awards, aligning their incentives with the new parent company.

Key Dates

Keywords

ChampionX Corp, CHX, Schlumberger Limited, SLB, Merger, SEC Form 4, Insider Transaction, Stock Conversion, Sivasankaran Somasundaram, Corporate Acquisition