Welcome to our dedicated page for Championx Corporation news (Ticker: CHX), a resource for investors and traders seeking the latest updates and insights on Championx Corporation stock.
ChampionX Corporation (NASDAQ: CHX) is a global leader in chemical solutions, artificial lift systems, and highly engineered equipment and technologies for the oil and gas industry. Formed in 2020 from the acquisition of Ecolab's chemical technologies by Apergy, ChampionX brings over a century of expertise in delivering innovations that shape the market's future. The company specializes in providing chemical solutions and equipment for both onshore and offshore oil and gas production, with a particular focus on the production phase of wells.
ChampionX's key offerings include artificial lift services and drilling technologies, such as polycrystalline diamond cutter inserts. The company also excels in digital automation applications and real-time emissions monitoring throughout the well lifecycle. ChampionX's Production & Automation Technologies (PAT) segment designs, manufactures, and services a full range of artificial lift equipment, end-to-end automation solutions, and other production equipment.
In recent developments, ChampionX has announced the acquisition of Artificial Lift Performance Limited (ALP), a provider of advanced analytics solutions to enhance oil and gas production performance. This acquisition strengthens ChampionX's digital growth strategy, combining ALP's Pump Checker™ software with ChampionX's XSPOC™ optimization software to deliver comprehensive analytics for all major artificial lift types.
Financially, ChampionX has continued to perform robustly. In the first quarter of 2024, the company reported revenues of $922.1 million, with a net income attributable to ChampionX of $112.9 million. The adjusted EBITDA stood at $191.7 million, reflecting a margin of 20.8%. The company generated $173.5 million in cash from operating activities and $144 million in free cash flow.
ChampionX's ongoing projects and strategic acquisitions, such as the purchase of RMSpumptools, aim to enhance its portfolio and expand its market presence globally. With a strong focus on sustainable and efficient oil and gas production, ChampionX continues to innovate and provide valuable solutions to its customers.
ChampionX Corporation (NASDAQ: CHX) reported first-quarter 2022 results with revenue of $866.0 million, a 26% year-over-year increase. Net income was $36.7 million with adjusted EBITDA at $124.8 million, a 32% increase year-over-year. Cash flow was negative, with an operating cash flow of $(43.1) million and free cash flow of $(61.0) million. The company initiated a quarterly dividend of $0.075 per share and announced a $250 million share repurchase program. Looking ahead, revenue for Q2 is expected between $875 million and $905 million.
Magellan Midstream Partners (NYSE: MMP) announced the retirement of Robert Croyle from its board, effective April 30, after 13 years of service. Sivasankaran "Soma" Somasundaram will succeed him, starting May 1. Soma brings over 30 years of experience in energy and industrial markets, currently serving as CEO of ChampionX Corporation (NASDAQ: CHX). His background includes leadership roles at Apergy Corporation (NYSE: APY) and Dover Corporation, focusing on operational excellence and growth strategies. This board change aims to enhance value for long-term investors.
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.
ChampionX Corporation (NASDAQ: CHX) announced it will release its Q1 2022 operating results on April 26, 2022, after market close. The company will hold a conference call on April 27, 2022, at 8:00 AM CT to discuss the results. Investors can access the call via live webcast on ChampionX’s website or by phone. A replay will be available for 30 days post-call. ChampionX specializes in chemistry solutions and engineered equipment for oil and gas production, aiming for efficiency throughout the lifecycle of wells.
ChampionX Corporation has announced a new $250 million share repurchase program to enhance shareholder returns. The program allows for periodic buybacks of common stock in the open market or via private transactions, contingent on market conditions and free cash availability. The CEO emphasized a commitment to disciplined capital allocation, including a new quarterly dividend of $0.075 per share. The program has no time limit and is expected to be funded through cash generated from operations, aligning with their strategy of investing in growth opportunities while maintaining a strong balance sheet.
ChampionX Corporation reported Q4 2021 revenue of $822.1 million and net income of $43.4 million, with adjusted EBITDA at $133.1 million.
Free cash flow reached $71.0 million, equating to 9% of revenue. The company repaid $46.7 million in debt, achieving a 1.0x net leverage ratio. ChampionX is initiating a quarterly cash dividend of $0.075 per share, with a committed focus on capital allocation and growth amidst ongoing supply chain challenges.
ChampionX Corporation (NASDAQ: CHX) has launched the HIGH RISE™ series pumps under its UNBRIDLED® ESP Systems. These pumps utilize patented Oculus™ technology, delivering up to 33% more lift per unit length, which enhances performance and reduces installation times. The HIGH RISE series accommodates production rates from 200 to 7,500 BPD and lowers carbon emissions by one ton per installation. Additionally, the design improvements offer 20% greater shaft strength and 40% increased pull strength, aiming to extend ESP longevity and overall well production efficiency.
ChampionX Corporation (NASDAQ: CHX) announced its plans to release fourth quarter and full year 2021 results on February 9, 2022, after market close. A conference call is scheduled for February 10, 2022, at 8:00 a.m. CT to discuss the financial outcomes. Investors can access the call via a live webcast on ChampionX’s website or by calling specified numbers. The company is a leader in chemistry solutions and engineered equipment for oil and gas production.
ChampionX Corporation (NASDAQ: CHX) announced the acquisition of Tomson Technologies LLC and Group 2 Technologies LLC, leaders in nano technology for the energy sector. This strategic move aims to help energy companies reduce their carbon footprint and operational costs. CEO Sivasankaran Somasundaram emphasized the importance of integrating these technologies to enhance ChampionX's offerings and support the company's long-term growth strategy in a transitioning energy industry.
ChampionX Corporation (NASDAQ: CHX) reported third quarter 2021 results, with revenue reaching $818.8 million, representing a 9% sequential increase. The company recorded net income attributable to ChampionX of $56.8 million and adjusted EBITDA of $123.6 million, marking a 17% sequential growth. Free cash flow was $67.3 million. ChampionX highlighted strong performance amidst supply chain challenges and aims for continued revenue growth in Q4, with projections between $820 million and $860 million.
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