On April 2, 2024, SLB announced its acquisition of ChampionX Corporation (NASDAQ: CHX) through an all-stock transaction unanimously approved by ChampionX's board of directors. ChampionX shareholders were to receive 0.735 shares of SLB common stock per ChampionX share, resulting in ChampionX shareholders owning approximately 9% of SLB’s outstanding shares post-transaction.

This strategic acquisition aimed to enhance SLB’s ability to support customers throughout the entire production lifecycle of oil and gas operations, leveraging ChampionX’s strong production-focused leadership and SLB’s international presence and technology portfolio. Both companies had significant operations in Canada, and this deal was set to drive substantial value through integrated solutions and emerging technologies like AI and autonomous operations.

SLB's CEO, Olivier Le Peuch, highlighted the acquisition as a means to maximize asset efficiency and enhance production and reservoir recovery, aligning with SLB’s strategy of meeting energy demand while accelerating decarbonization. ChampionX’s CEO, Soma Somasundaram, emphasized the broader portfolio and resources available to ChampionX, which would continue leading the industry in sustainable energy solutions.

The transaction was expected to close by the end of 2024, pending regulatory approvals and other conditions. SLB projected annual pretax synergies of approximately $540 million (US$400 million) within three years through revenue growth and cost savings. Additionally, SLB committed to returning approximately $9.45 billion (US$7 billion) to shareholders over the next two years, reflecting confidence in the transaction's value creation.