Form 4: ChampionX Executive Reports Full Share Disposition Following Schlumberger Merger Completion

ChampionX Corp's VP, Corporate Controller, and CAO, Antoine Marcos, reported the disposition of all his common stock holdings as ChampionX became a wholly-owned subsidiary of Schlumberger Limited following their merger.

Summary

• Antoine Marcos, VP, Corporate Controller, and CAO of ChampionX Corp, reported the disposition of 66,538 shares of ChampionX common stock.
• This transaction occurred on July 16, 2025, pursuant to the Agreement and Plan of Merger dated April 2, 2024, between ChampionX, Schlumberger Limited (SLB), Sodium Holdco, Inc., and Sodium Merger Sub, Inc.
• As a result of the merger, Sodium Merger Sub, Inc. 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 merger's effective time was cancelled and converted into the right to receive 0.735 shares of SLB common stock, with cash in lieu of fractional shares if applicable.
• Outstanding restricted stock units (RSUs) of ChampionX were assumed and converted into restricted stock unit awards to acquire shares of SLB common stock (SLB RSU Awards), with the number of shares adjusted by the 0.735 exchange ratio, rounded down to the nearest whole share.
• Following the reported transaction, Antoine Marcos beneficially owns 0 shares of ChampionX common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. While the reporting person disposed of shares, it was due to a completed merger, which is generally a positive strategic outcome for the acquired company's shareholders, as they receive shares in a larger entity. The transaction itself is a routine reporting of a corporate action.

Positives

• The merger with Schlumberger Limited (SLB) has been completed, indicating a successful strategic transaction for ChampionX.
• ChampionX shareholders received SLB common stock at a fixed exchange ratio of 0.735 shares per ChampionX share, providing them with shares in a larger, diversified energy services company.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-planned and orderly disposition.

Negatives

• ChampionX Corp common stock is no longer publicly traded, as it has become a wholly-owned subsidiary of Schlumberger Limited, meaning existing ChampionX shareholders no longer hold direct equity in ChampionX.
• The reporting person, Antoine Marcos, no longer holds any direct beneficial ownership in ChampionX common stock.

Industry Context

The merger of ChampionX with Schlumberger Limited represents a consolidation within the energy services sector, where larger players like SLB acquire specialized companies to expand their offerings and market share. This aligns with a broader trend of strategic M&A activity aimed at enhancing capabilities and achieving synergies in a dynamic energy market.

Stakeholder Impact

• Shareholders: ChampionX shareholders' equity was converted into SLB common stock, changing their investment vehicle.
• Employees: While not explicitly stated, as ChampionX is now an indirect wholly-owned subsidiary of SLB, employees may experience integration into SLB's corporate structure.

Key Dates

Keywords

ChampionX Corp, CHX, Schlumberger Limited, SLB, Merger, Acquisition, Form 4, Insider Trading, Stock Disposition, Restricted Stock Units, Corporate Action, Energy Services