SLB gets second request from DoJ for info on proposed ChampionX deal

SLB (NYSE:SLB) said late Tuesday it received a second request for additional information from the U.S. Department of Justice related to its $7.75B all-stock deal for oilfield services company ChampionX (CHX).

SLB (SLB) said ChampionX (CHX) also received a second request from DoJ, adding that it now expects the deal to close in Q4 2024 or Q1 2025, compared to its previous forecast of the end of this year.

Biden administration antitrust regulators have delayed other oil and gas mergers with requests for additional information as part of their review process, including Chesapeake Energy and Southwestern Energy, which said the closing date of their proposed merger was pushed back to this year’s H2 from Q2.

SLB (SLB) said its ChampionX (CHX) acquisition will strengthen its leadership position in oilfield services with world-class production chemicals and artificial lift technologies.