Source: ChampionX Announces Definitive Agreement to Sell US Synthetic Corporation (2025)

Summary

ChampionX Corporation's announcement, dated 2025-02-25, that it had agreed to sell all of its equity in US Synthetic to the private equity firm LongRange Capital. It was filed with the SEC as Exhibit 99.1 to a Form 425 (merger communications) under accession 0001193125-25-035322, jointly indexed to ChampionX (CIK 0001723089) and Schlumberger (CIK 0000087347).

This resolves the ownership question on US Synthetic as far as a company announcement can, and it is worth reading for what it does not say — see Reliability Notes.

Useful Claims

• ChampionX (NASDAQ: CHX) agreed to sell all of its equity interests in US Synthetic Corporation to LongRange Capital, L.P., announced 2025-02-25 from The Woodlands, Texas.
• US Synthetic was the whole of ChampionX's Drilling Technologies segment — not a product line inside a larger unit.
• ChampionX confirms US Synthetic is located in Orem, Utah, and describes its products as polycrystalline diamond cutter inserts, bearings, valves, and mining tools.
• The sale was explicitly conditioned on the ChampionX–SLB transaction closing, and was expected to close shortly afterward. The two deals are linked by the announcement's own terms.
• Rob Galloway is quoted as President, Drilling Technologies of ChampionX. The 2010 Deseret News feature identifies a Rob Galloway as CEO of US Synthetic. The two datapoints are fifteen years apart and say nothing about what happened between them.
• LongRange Capital is described as a private equity firm founded in 2019.

No sale price appears in this document.

Verbatim

THE WOODLANDS, Texas, February 25, 2025 (GLOBE NEWSWIRE) — ChampionX Corporation (“ChampionX” or the “Company”) — Dateline

(NASDAQ: CHX), a global leader in oilfield technology, announced today that it has entered into a definitive agreement to sell all of its equity interests in US Synthetic Corporation (“US Synthetic”) to LongRange Capital, L.P. — Opening paragraph

"We are excited about the future of US Synthetic, and this transition represents a significant milestone in our journey. We are very optimistic about the opportunities it will bring," commented Rob Galloway, President, Drilling Technologies of ChampionX. "With LongRange Capital as our new partner, we look forward to accelerating our growth strategy while continuing our commitment to delivering exceptional value to our customers and stakeholders." — Rob Galloway quote

"US Synthetic, located in Orem, Utah, offers innovative, best-in-class polycrystalline diamond cutter inserts, bearings, valves, and mining tools to help customers drill the world’s most demanding oil exploration and development projects. US Synthetic comprises the Drilling Technologies segment of ChampionX." — Opening paragraph

The transaction, which is subject to customary closing conditions, as well as the closing of the previously announced transaction between ChampionX and SLB, is expected to close shortly after the closing of the ChampionX and SLB transaction. — Transaction terms

Founded in 2019, LongRange Capital is a private equity firm formed to apply a longer-term perspective to investments and employ a — About LongRange Capital

Reliability Notes

Self-reported tier: this is ChampionX announcing its own transaction, in the register such announcements always use ("best-in-class", "the right home"). It is nonetheless strong evidence of the transaction's existence, parties, and conditionality, because it was filed with the SEC as merger-communication material, where a materially false statement carries liability that a corporate blog post does not.

What it does not say is the important part. Secondary reporting attributes the divestiture to an antitrust problem — that SLB already owned MegaDiamond, a direct competitor descended from the same Provo laboratory as US Synthetic. This announcement gives no reason at all. It only makes the sale conditional on the SLB transaction, which is consistent with a regulatory remedy but does not establish one; companies divest ahead of acquisitions for several reasons. The wiki therefore records the linkage as stated here and leaves the rationale in Open Questions on the fact page.

An announcement of a definitive agreement is also not proof of a completed sale. Confirming the closing needs a later filing — a ChampionX or SLB 8-K, or SLB's next 10-K.

Filed at EDGAR, which is obliged to keep it; the capture here guards against the exhibit's content being superseded rather than against the host disappearing.

Related Pages

• US Synthetic
• Source: Deseret News — Bill Pope Obituary Feature (2010)