Form 4: ChampionX Director Converts Holdings Following Merger with Schlumberger

ChampionX Corp Director Stuart D Porter's shares and deferred stock units were converted into Schlumberger Limited common stock following the completion of the merger.

Summary

• Stuart D Porter, a Director of ChampionX Corp, reported changes in his beneficial ownership of ChampionX common stock.
• On July 16, 2025, Porter acquired 2,771 shares of ChampionX common stock under the Issuer's Amended and Restated 2018 Equity and Cash Incentive Plan and the Merger Agreement.
• Concurrently, on July 16, 2025, Porter disposed of 26,066 shares of ChampionX common stock due to the merger with Schlumberger Limited (SLB).
• Pursuant to the Merger Agreement dated April 2, 2024, ChampionX Corp merged with and into Sodium Merger Sub, Inc., becoming an indirect wholly owned subsidiary of SLB.
• Each outstanding share of ChampionX common stock was cancelled and converted into the right to receive 0.735 shares of SLB common stock.
• Each deferred stock unit (DSU) of ChampionX was converted into SLB common stock based on the product of the underlying shares multiplied by the 0.735 exchange ratio.
• Following these transactions, Porter's direct beneficial ownership of ChampionX common stock is 0.

Sentiment

Score: 7

Explanation: The document reports the successful completion of a major corporate merger, which is a definitive strategic outcome. For the reporting person, it details the conversion of their holdings into the acquiring entity's stock, reflecting a standard process post-merger.

Positives

• Completion of the merger with Schlumberger Limited, a major industry player, potentially offering stability and growth opportunities under a larger entity.
• Issuance of shares to the Reporting Person under an equity incentive plan, indicating continued alignment with company performance prior to the merger.

Negatives

• ChampionX Corp common stock has been cancelled and converted, meaning it no longer trades as an independent entity.

Risks

• No specific risks are mentioned in this Form 4 filing, as it reports a completed transaction.

Future Outlook

The document reports a completed corporate action and does not provide forward-looking statements or guidance.

Industry Context

The merger of ChampionX Corp into Schlumberger Limited represents a significant consolidation within the oilfield services and energy technology sector, strengthening Schlumberger's market position and expanding its offerings by integrating ChampionX's assets and expertise.

Comparison to Industry Standards

• The document does not provide sufficient detail to compare the results of the merger or the company's performance against specific global benchmarks or comparable companies/projects. It primarily reports on the mechanics of a completed corporate transaction.

Management Changes

Corporate Governance

Legal Proceedings

• No litigation or regulatory matters are mentioned in this filing.

Related Party Transactions

• No related party dealings beyond the merger agreement itself are disclosed in this filing.

Stakeholder Impact

• Shareholders of ChampionX Corp had their common stock converted into Schlumberger Limited common stock.
• Employees of ChampionX Corp are now part of the Schlumberger Limited organization.

Next Steps

• No specific future actions, events, or milestones are mentioned for ChampionX as a standalone entity, as it has been acquired by Schlumberger Limited.

Key Dates

Keywords

ChampionX, CHX, Schlumberger, SLB, Merger, Acquisition, Form 4, Insider Transaction, Stock Conversion, Equity Incentive Plan, Corporate Action