ChampionX Increases Quarterly Dividend by 13 Percent

Rhea-AI Summary

ChampionX Corporation (Nasdaq: CHX) has announced a 13% increase in its regular quarterly dividend, now set at $0.085 per share. This dividend will be paid on April 28, 2023, to shareholders registered by April 7, 2023. The decision reflects ChampionX's strong free cash flow generation and a commitment to shareholder value through disciplined capital allocation. ChampionX specializes in chemistry solutions and technologies aiming to enhance oil and gas production sustainably.

Positive

• Increased regular quarterly dividend by 13% to $0.085 per share reflecting strong free cash flow.
• Demonstrates commitment to returning excess capital to shareholders.

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• None.

THE WOODLANDS, Texas, Feb. 16, 2023 (GLOBE NEWSWIRE) -- ChampionX Corporation (Nasdaq: CHX) (“ChampionX” or the “Company”) announced today its Board of Directors has declared an increased regular quarterly dividend of $0.085 per share on the Company’s common stock, par value $0.01 per share, to be paid on April 28, 2023 to shareholders of record on April 7, 2023.

“Consistent with our commitment to returning excess capital to shareholders, I am pleased to announce that we are increasing our regular cash dividend by 13%, which reflects our demonstrated best-in-class free cash flow generation capability and our focus on creating value for our shareholders through a disciplined capital allocation framework,” ChampionX’s President and Chief Executive Officer Sivasankaran “Soma” Somasundaram said.

About ChampionX

ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.championX.com.

Forward-Looking Statements

This news release contains statements relating to future actions and results, which are "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, ChampionX's market position and growth opportunities. Forward-looking statements include statements related to ChampionX’s expectations regarding the performance of the business, financial results, liquidity and capital resources of ChampionX. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, changes in economic, competitive, strategic, technological, tax, regulatory or other factors that affect the operations of ChampionX’s businesses. You are encouraged to refer to the documents that ChampionX files from time to time with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in ChampionX’s other filings with the SEC. Readers are cautioned not to place undue reliance on ChampionX’s forward-looking statements. Forward-looking statements speak only as of the day they are made and ChampionX undertakes no obligation to update any forward-looking statement, except as required by applicable law.

Investor Contact:
Byron Pope – byron.pope@championx.com – 281-602-0094

Media Contact:
John Breed – john.breed@championx.com – 281-403-5751

FAQ

What is the new dividend amount for ChampionX Corporation?

ChampionX Corporation's new quarterly dividend is $0.085 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on April 28, 2023.

What is the record date for ChampionX's dividend?

The record date for the dividend is April 7, 2023.

How much has ChampionX increased its dividend?

ChampionX has increased its dividend by 13%.

What does the dividend increase indicate about ChampionX's financial health?

The increase indicates strong free cash flow generation and a focus on shareholder value.