Form 4: ChampionX Officer Disposes of Shares Following Merger with Schlumberger

A Form 4 filing reveals William O'Dell Jr., President of Oilfield and Specialty Performance at ChampionX, disposed of all his ChampionX common stock and stock options as part of the company's merger into Schlumberger Limited.

Summary

• William O'Dell Jr., President, Oilfield and Specialty Performance of ChampionX Corp, reported changes in his beneficial ownership.
• On July 16, 2025, O'Dell disposed of 78,139 shares of ChampionX Common Stock.
• He also disposed of 12,110 stock options with an exercise price of $6.53 and 31,389 stock options with an exercise price of $7.54.
• These transactions occurred pursuant to the Agreement and Plan of Merger dated April 2, 2024, where ChampionX Corp merged with and became an indirect wholly-owned subsidiary of Schlumberger Limited (SLB).
• Each ChampionX common stock share was converted into the right to receive 0.735 shares of SLB common stock.
• ChampionX restricted stock units (RSUs) and stock options were converted into equivalent SLB RSU awards and stock options, respectively, adjusted by the 0.735 exchange ratio.

Sentiment

Score: 7

Explanation: The filing reports the expected completion of a significant corporate action (merger), which is generally a neutral to positive event if the merger terms were favorable. It reflects the successful execution of a strategic plan, leading to the conversion of securities rather than a loss of value, indicating a stable transition for the reporting person's holdings into the acquiring entity.

Positives

• The completion of the merger with Schlumberger Limited indicates a successful strategic transaction for ChampionX.
• The conversion of ChampionX securities into SLB securities provides continuity of ownership interest in the combined entity for former ChampionX stakeholders.

Negatives

• The reporting person no longer holds direct beneficial ownership in ChampionX Corp common stock or options, as ChampionX is now an indirect wholly-owned subsidiary of SLB.

Future Outlook

NA

Management Comments

• William O'Dell Jr. holds the title of President, Oilfield and Specialty Performance.

Industry Context

This merger signifies consolidation within the oilfield services sector, with a major player like Schlumberger acquiring ChampionX, potentially enhancing SLB's market position and service offerings.

Stakeholder Impact

• Shareholders: ChampionX shareholders' equity converted into SLB common stock, maintaining their investment in the combined entity.
• Employees: Employees holding ChampionX RSUs and options had their awards converted to SLB equivalents, preserving their equity incentives.

Next Steps

• Former ChampionX shareholders will now hold shares in Schlumberger Limited.
• Former ChampionX RSU and option holders will hold equivalent SLB RSU awards and options.

Key Dates

Keywords

ChampionX Corp, CHX, Schlumberger Limited, SLB, Merger, Acquisition, Form 4, Beneficial Ownership, Stock Options, Restricted Stock Units, Corporate Action, Oilfield Services