ChampionX Warns of Cost Hikes, Reaffirms Merger Plans Amid Trump Tariffs

ChampionX Corporation executives have raised concerns about the impact of President Trump's newly announced 25% tariffs on steel and aluminum imports. The company warns that these tariffs will lead to increased equipment costs for oilfield service firms, potentially affecting their operations and profitability. Despite these challenges, ChampionX remains committed to its merger with SLB (formerly Schlumberger). The company executives reaffirmed their intention to close the $8 billion all-stock deal in the first quarter of 2025, as previously planned. This merger, which is currently under review by regulatory bodies including the UK's Competition and Markets Authority, is expected to create a stronger entity in the oilfield services sector.
Source: ChampionX Corporation Executive Statement