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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.
ChampionX Corporation (Nasdaq: CHX) announced the appointment of Elaine Pickle and Carlos Fierro to its Board of Directors, expanding the Board to 10 members. They will both serve on the Audit Committee. Pickle, with over 30 years of audit experience in the energy sector, previously worked as a senior audit partner at Ernst & Young. Fierro brings 35 years of investment banking experience in natural resources and is currently a Senior Advisor at Guggenheim Securities. The Board will miss Stephen K. Wagner, who is retiring after five years of service, with leadership emphasizing his contributions during a transformative period for the company.
ChampionX Corporation reported a Q4 2022 revenue of $985.9 million, a 20% increase year-over-year but a 3% decline sequentially. Net income attributable to ChampionX rose to $67.9 million, marking a 56% year-over-year increase. Adjusted EBITDA reached $178.8 million, up 34% year-over-year. The company generated free cash flow of $168.6 million, representing 17% of revenue. For Q1 2023, ChampionX expects revenue between $952 million and $982 million, translating to a projected 12% year-over-year growth. The company plans to return at least 60% of free cash flow to shareholders.
ChampionX Corporation (NASDAQ: CHX) announced it will release its fourth quarter and full year 2022 operating results on February 1, 2023, after market close. A conference call is scheduled for February 2, 2023, at 8:00 a.m. CT to discuss these results. The call will be accessible via webcast and through dial-in options: 1-888-396-8049 (U.S.) or 1-647-362-9199 (International), using ID 46566315.
ChampionX Corporation (Nasdaq: CHX) has been honored as ExxonMobil's inaugural "Supplier of the Year" for 2022, marking a significant achievement in supplier recognition. This award identifies suppliers meeting high-performance standards, emphasizing on-time delivery, safety, and service quality. ChampionX's CEO Soma Somasundaram expressed gratitude for this acknowledgment, highlighting the company's commitment to improving customer relationships and value delivery. The award reflects ChampionX's role in supporting ExxonMobil's critical operations in Guyana and the Permian Basin.
ChampionX Corporation has announced a quarterly dividend of $0.075 per share, payable on January 27, 2023, to shareholders on record by January 6, 2023. This reflects the company's commitment to delivering shareholder value. ChampionX is recognized for its innovative solutions in the oil and gas sector, enhancing production efficiency and sustainability through advanced technology. The company is positioned as a leader in chemistry solutions and artificial lift systems.
ChampionX Corporation reported a 25% increase in revenue, reaching $1.0 billion year-over-year, with a 10% sequential growth. However, net income fell 59% year-over-year to $23.1 million. Adjusted net income rose 116% to $67.8 million, while adjusted EBITDA increased by 34% to $166.1 million. ChampionX declared a share repurchase program increase to $750 million. Positive cash flow trends were highlighted, with free cash flow at $167.4 million. Management remains optimistic about the upcoming quarter's performance.
US Synthetic, a unit of ChampionX (Nasdaq: CHX), is considering an appeal after a U.S. International Trade Commission ruling deemed its patents for polycrystalline diamond materials as abstract ideas and patent ineligible. Despite this ruling, US Synthetic expects minimal impact on its financial results, estimating less than a 3% effect on its Drilling Technologies revenue. The company emphasizes its strong IP portfolio with over 450 patents and reaffirms its market leadership in polycrystalline diamond technology.
ChampionX Corporation (CHX) will release its third quarter 2022 operating results on October 25, 2022, after market close. A conference call is scheduled for October 26, 2022, at 8:00 a.m. CT for discussing these results. Interested parties can access the call via webcast or by phone. ChampionX specializes in providing chemistry solutions, artificial lift systems, and engineered technologies for safe and efficient oil and gas production.
