ChampionX Chemical Technologies Business Announces a Supply Surcharge to Counter Inflationary Factors
ChampionX LLC announced a supply surcharge for its Chemical Technologies customers, effective immediately. This decision stems from rising global unrest and a constrained supply environment that have led to high inflation in the energy sector. COO Deric Bryant emphasized that this surcharge is necessary to maintain seamless service and support security of supply for customers. ChampionX aims to establish permanent pricing agreements reflecting current costs in the industry.
- Implementation of a supply surcharge aims to maintain operational stability.
- Commitment to serving customers during challenging market conditions.
- Surcharge indicates ongoing inflationary pressures affecting pricing.
- Potential customer dissatisfaction due to increased costs.
SUGAR LAND, Texas, April 11, 2022 (GLOBE NEWSWIRE) -- ChampionX LLC (the “Company” or “ChampionX”) today announced it will enact a supply surcharge on products shipped to its Chemical Technologies customers. This surcharge will go into effect immediately. ChampionX is implementing this measure for Chemical Technologies customers until permanent pricing agreements are put into place that reflect the current cost environment.
“The energy industry has been impacted by increasing global unrest in addition to an already constrained supply environment, which have all combined to drive ongoing high inflation. That has made it necessary for us to take this step,” said Deric Bryant, Chief Operating Officer and President, Chemical Technologies. “This will enable us to continue serving customers seamlessly and support security of supply for their operations.”
“We have been proud to serve our customers during these unprecedented times for our industry, and I’m proud of the results our ChampionX team has delivered in ensuring continuity of service and supply to vital customer operations,” Bryant said. “We appreciate the continued trust and support our customers place in us and look forward to continuing to deliver value for them in the months and years ahead.”
About ChampionX LLC
ChampionX LLC is a subsidiary of ChampionX Corporation, a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX Corporation’s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells. Visit www.championx.com to learn more.
Investor Contact: Byron Pope
byron.pope@championx.com
281-602-0094
Media Contact: John Breed
john.breed@championx.com
281-403-5751
Source: ChampionX Corporation
FAQ
What is the reason for ChampionX's supply surcharge effective April 2022?
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