Form 4: ChampionX Director Converts Shares to Schlumberger Stock Following Merger Completion

ChampionX Corp Director Elaine M. Pickle's shares have been converted into Schlumberger Limited common stock as a result of the previously announced merger, marking the completion of the transaction.

Summary

• Elaine M. Pickle, a Director of ChampionX Corp (CHX), reported changes in her beneficial ownership of securities.
• On July 16, 2025, Ms. Pickle acquired 2,771 shares of ChampionX Common Stock at a price of $0, as contemplated by the Issuer's Amended and Restated 2018 Equity and Cash Incentive Plan and the Merger Agreement.
• On the same date, Ms. Pickle disposed of 10,592 shares of ChampionX Common Stock at a price of $0.
• This disposition was pursuant to the Agreement and Plan of Merger (the "Merger Agreement") dated April 2, 2024, between ChampionX Corp, Schlumberger Limited (SLB), Sodium Holdco, Inc., and Sodium Merger Sub, Inc.
• Under the Merger Agreement, Merger Sub merged with and into ChampionX Corp, with ChampionX continuing as the surviving corporation and an indirect wholly owned subsidiary of SLB.
• Each outstanding share of ChampionX Common Stock prior to the effective time of the Merger was cancelled and converted into the right to receive 0.735 shares of SLB common stock.
• Deferred stock units (DSUs) of ChampionX were also cancelled and converted into SLB Common Stock based on the same 0.735 exchange ratio.
• Following these transactions, Elaine M. Pickle beneficially owns 0 shares of ChampionX Common Stock.

Sentiment

Score: 7

Explanation: The sentiment is positive as the merger was completed as planned, providing a clear outcome for shareholders and integrating ChampionX into a larger, established entity like Schlumberger Limited. There are no negative surprises or deviations from the announced terms.

Positives

• The successful completion of the merger between ChampionX Corp and Schlumberger Limited, as per the terms of the Merger Agreement, provides clarity and finality for shareholders.
• ChampionX shareholders, including Director Elaine M. Pickle, received shares in Schlumberger Limited, a larger and globally diversified energy technology company, potentially offering greater liquidity and market exposure.

Negatives

• ChampionX Corp common stock ceased to exist as an independent publicly traded entity, resulting in the cancellation of its shares and their conversion into SLB stock.

Future Outlook

The document primarily reports a completed transaction and does not provide forward-looking statements or guidance beyond the finalization of the merger.

Industry Context

This transaction signifies the completion of a significant consolidation within the oilfield services sector, where Schlumberger Limited, a global technology company, has acquired ChampionX Corp, expanding its portfolio and market presence. Such mergers are indicative of ongoing strategic realignments and efficiency drives within the energy industry.

Comparison to Industry Standards

• The merger of ChampionX into Schlumberger Limited is a strategic move consistent with consolidation trends seen in the oilfield services industry, where larger players like SLB (a global leader in energy technology) seek to integrate specialized capabilities and expand market share.
• The exchange ratio of 0.735 shares of SLB common stock for each ChampionX share reflects the agreed-upon valuation and premium, which would have been benchmarked against similar M&A transactions in the sector, such as previous acquisitions by major service providers like Halliburton or Baker Hughes, though specific comparable ratios are not detailed in this filing.

Stakeholder Impact

• Shareholders of ChampionX Corp have had their shares converted into Schlumberger Limited common stock, changing their investment vehicle and potentially their risk/reward profile.
• Employees of ChampionX Corp are now part of the larger Schlumberger Limited organization, which may lead to changes in corporate culture, structure, and opportunities.

Next Steps

• Integration of ChampionX's operations and assets into Schlumberger Limited's existing structure.
• Elaine M. Pickle's continued role as a Director, now within the context of ChampionX as an indirect wholly owned subsidiary of SLB.

Key Dates

Keywords

Schlumberger Limited, ChampionX Corp, Merger, SEC Form 4, Beneficial Ownership, Share Conversion, Oilfield Services, Equity Incentive Plan, Deferred Stock Units