SLB and ChampionX to merge on July 16, expanding oil and gas services

SLB and ChampionX intend to consummate their merger on July 16. ChampionX is a company that offers chemistry solutions, artificial lift systems, and engineered equipment and technologies for oil and gas drilling and production. The merger will combine their resources to provide comprehensive solutions for the oil and gas industry.

The UK’s Competition and Markets Authority (CMA) has cleared a significant regulatory hurdle for the Schlumberger-ChampionX merger. The regulator accepted undertakings from the companies, removing the need for a full in-depth investigation [1]. This decision marks a significant step forward in the regulatory approval process for the merger between the two energy services companies.

Schlumberger and ChampionX are set to consummate their merger on July 16 [2]. ChampionX offers a range of chemistry solutions, artificial lift systems, and engineered equipment and technologies for oil and gas drilling and production. The merger aims to combine their resources to provide comprehensive solutions for the oil and gas industry.

The CMA, which serves as Britain’s primary competition watchdog, typically reviews mergers and acquisitions to ensure they don’t substantially reduce market competition. The regulator’s decision to accept undertakings from Schlumberger and ChampionX indicates that it does not foresee any substantial reduction in competition as a result of the merger.

This development comes amidst a series of strategic moves in the oil and gas sector. For instance, energy firm Perenco has finalized the acquisition of the Greater Angostura oil and gas assets from Woodside Energy, significantly expanding its operations and production footprint in Trinidad and Tobago [3].

The Schlumberger-ChampionX merger is expected to enhance the companies' ability to offer integrated solutions, from drilling to production, which could be beneficial for both companies and their clients in the oil and gas industry.

References:
[1] https://www.investing.com/news/stock-market-news/schlumbergerchampionx-deal-clears-uk-competition-hurdle-93CH-4135894
[2] https://www.bakerhughes.com/druck/industry/energy-industry/oil-gas-solutions
[3] https://trinidadexpress.com/newsextra/perenco-completes-acquisition-now-among-top-3-oil-and-gas-producers/article_cd900dd3-1691-43a0-baee-b2b470467059.html