SLB makes oil-field, carbon-capture acquisitions

SLB, the oil-field service firm formerly known as Schlumberger, has inked a pair of acquisitions: one to enhance its expertise in pulling oil out of the ground and the other to capture carbon dioxide from industrial sources. The company has agreed to buy ChampionX in an all-stock transaction worth $7.8 billion. ChampionX had $3.8 billion in sales in 2023, about two-thirds of which came from chemicals used in oil production. It was formed in 2020 when Ecolab merged its oil-field chemical business with the oil-field service firm Apergy. SLB says the acquisition will enhance its oil-recovery offering for customers. Separately, SLB is combining its carbon capture business with that of Aker Carbon Capture, which uses an amine-solvent-based system for capturing carbon from industrial facilities. SLB will own 80% of the combined company and Aker Carbon Capture will own 20%. SLB is paying Aker $400 million up front and will possibly add $125 million in future performance-based payments.