THE WOODLANDS/SUGAR LAND (AP) — SLB Ltd., formerly Schlumberger and the world's largest oil field services company, reported that its recent acquisition of Sugar Land's ChampionX Corp. added $579 million in revenue during the third quarter, the company's first full earnings report since completing the deal.
$7.8 Billion Deal Brings Thousands of Jobs to Houston Area
SLB completed its $7.8 billion purchase of ChampionX in mid-July, about 15 months after announcing the transaction. The acquisition brought approximately 6,400 employees into SLB, including nearly 1,000 workers in the Houston area.
ChampionX is headquartered in The Woodlands, Texas, and has a large operation in Sugar Land, where it maintains a research, development and engineering center. The company also has facilities in Odessa and Midland, Texas, and operates globally in countries including India, Kenya, Australia, Romania, Nigeria, Argentina and the Netherlands.
Combined Company Leads Oil and Gas Services Market
The combined company now holds the leading market position in both artificial lift technologies and production chemicals — two critical services for oil and gas operations. Before the merger, SLB was the top supplier of artificial lift equipment, while ChampionX led in production chemicals.
SLB expects the acquisition to generate substantial annual cost savings over the next three years.
Schlumberger Officially Becomes SLB
The company officially changed its corporate name from Schlumberger N.V. to SLB Ltd. this month following shareholder approval. The rebrand, first announced in 2022, reflects the company's expansion into low-carbon energy technologies and digital services.
SLB also reported third-quarter results for its newly separate Digital segment, which showed modest growth from a year earlier.
The company trades on the New York Stock Exchange under the ticker symbol SLB.