Form 4: ChampionX Director Converts Holdings to Schlumberger Stock Post-Merger

ChampionX Corp Director Heidi S Alderman converted her beneficial ownership in ChampionX common stock into Schlumberger Limited common stock following the merger where ChampionX became an indirect wholly-owned subsidiary of Schlumberger.

Summary

• Heidi S Alderman, a Director of ChampionX Corp, reported changes in her beneficial ownership of ChampionX common stock.
• On July 16, 2025, she acquired 2,771 shares of ChampionX common stock under the company's Amended and Restated 2018 Equity and Cash Incentive Plan and the Merger Agreement.
• On the same date, she disposed of 26,066 shares of ChampionX common stock directly and 1,000 shares indirectly (held by spouse).
• These dispositions occurred as a result of the merger between ChampionX Corp and Schlumberger Limited (SLB), where ChampionX became an indirect wholly-owned subsidiary of SLB.
• Under the Merger Agreement, each outstanding ChampionX common stock share was cancelled and converted into 0.735 shares of SLB common stock.
• Each deferred stock unit (DSU) of ChampionX was also cancelled and converted into SLB common stock based on the number of underlying shares multiplied by the 0.735 exchange ratio.

Sentiment

Score: 7

Explanation: The sentiment is generally positive as it reflects the successful completion of a merger, which typically aims for strategic benefits and shareholder value creation. The director's share conversion is a procedural outcome of this corporate action. However, it's not a direct 'performance' report, so a neutral-to-positive score is appropriate for a transactional filing.

Positives

• The completion of the merger with Schlumberger Limited indicates a strategic consolidation, potentially offering ChampionX access to broader resources and market reach as an indirect wholly-owned subsidiary of a larger entity.
• The issuance of shares to the reporting person under the equity incentive plan suggests continued alignment of management interests with the company's performance, even post-merger.

Negatives

• The cancellation of ChampionX common stock and its conversion into SLB common stock means ChampionX no longer exists as an independent publicly traded entity, which could impact former ChampionX shareholders who preferred direct investment in the company.
• The disposition of all ChampionX shares by the director signifies the end of direct beneficial ownership in ChampionX, reflecting its new status as a subsidiary.

Future Outlook

NA

Industry Context

This transaction reflects a trend of consolidation within the energy services sector, where larger players like Schlumberger acquire specialized companies like ChampionX to expand their offerings and market share. Such mergers aim to create synergies and enhance competitive positioning in a dynamic global energy landscape.

Stakeholder Impact

• Shareholders: Former ChampionX shareholders had their shares converted into Schlumberger Limited common stock, impacting their investment vehicle and future exposure.
• Employees: ChampionX is now an indirect wholly-owned subsidiary of SLB, which could lead to integration efforts and potential changes in organizational structure.

Key Dates

Recommendation

Keywords

ChampionX Corp, CHX, Schlumberger Limited, SLB, Merger, SEC Form 4, Beneficial Ownership, Stock Conversion, Director Holdings, Equity Incentive Plan