Revenue and Operations - Non-US operations accounted for approximately 85% of consolidated revenue in 2024, 84% in 2023, and 2022[63]. - Russia represented approximately 4% of worldwide revenue during 2024, with net assets in Russia valued at approximately $0.6 billion as of December 31, 2024[65]. - Approximately 70% of SLB's revenue in 2024 was denominated in US dollars, while a significant portion of expenses outside the US was incurred in foreign currencies[173]. Geopolitical and Regulatory Risks - The company faces risks from geopolitical instability, which could adversely affect demand for products and services[63]. - The company suspended new investments and technology deployment in Russia in March 2022 and halted shipments of products into Russia in July 2023[65]. - Compliance with complex and frequently changing laws and regulations could have a material adverse effect on financial condition[75]. - Existing or future regulations to limit greenhouse gas emissions may reduce demand for the company's products and services[78]. Financial Management and Currency Risks - A 10% appreciation in the US dollar from December 31, 2024 market rates would decrease the unrealized value of SLB's forward contracts by $121 million, while a 10% depreciation would increase it by $133 million[176]. - At December 31, 2024, SLB had forward contracts for the US dollar equivalent of $10.0 billion in various foreign currencies, with $4.5 billion related to hedges of debt balances denominated in currencies other than the functional currency[177]. - SLB's foreign currency risk management strategy includes using derivative instruments to hedge against currency fluctuations, which is essential for managing the impact of changes in foreign exchange rates on earnings[175]. Sustainability and Environmental Risks - The transition of the global energy sector to include renewable energy sources could affect customer expenditure levels[60]. - The company must adapt its technology portfolio to address the energy transition and develop low-carbon technologies[67]. - SLB's sustainability goals, including net-zero emissions targets, expose the company to operational, reputational, financial, and legal risks, as achieving these goals is subject to numerous factors beyond its control[86]. - Severe weather events, potentially exacerbated by climate change, have historically affected SLB's operations and financial results, leading to increased operating costs or decreased revenue[89]. - Environmental compliance costs and liabilities due to stringent regulations could materially impact SLB's financial condition and operations[81]. Competitive Landscape and Technology - The energy industry is highly competitive, and failure to maintain technology leadership could adversely affect market share and pricing[72]. - Cybersecurity incidents could materially affect the company's reputation and financial condition[68]. Acquisition Risks - The proposed acquisition of ChampionX may not be completed due to failure to obtain required regulatory approvals, which could adversely affect SLB's stock price and result in costs related to the acquisition[84]. - If the acquisition of ChampionX is completed, the success will depend on SLB's ability to combine its business with ChampionX to realize anticipated synergies and growth opportunities[85]. Human Resources - The company faces risks related to attracting and retaining qualified personnel, which is critical for its operations and could increase costs during periods of high demand[88].

Company Overview - SLB, formerly known as Schlumberger Limited, is less impacted by changes in US drilling due to its international focus, with over 80% of its 2024 revenue coming from international markets [1] Industry Expertise - Laura Starks, founder and CEO of Starks Energy Economics, LLC, has extensive experience in energy economics, with a background in chemical engineering and an MBA in finance [1] - Her expertise covers utilities, independent power producers, energy service companies, contractors, petrochemical companies, and all sectors of oil and natural gas (upstream, midstream, and downstream) [1] Analyst Position - The analyst holds a beneficial long position in SLB through stock ownership, options, or other derivatives [1]

Core Viewpoint - Schlumberger (SLB) is experiencing a challenging 2024, with its stock underperforming compared to the broader energy sector, despite a 14% increase since the beginning of the year, outperforming the S&P 500's 2% return [1] Financial Performance - SLB reported a fiscal fourth-quarter adjusted EPS of $0.92, a 7% year-over-year increase, on revenues of $9.3 billion, which is a 3% increase year-over-year [1] - The company's full-year 2024 revenue increased by 10% year-over-year to $36.3 billion, with North American revenue down by 1% to $6.7 billion, while international revenue rose by 12% to $29.4 billion [1][2] - Well Construction revenues dipped 1% year-over-year to $13.4 billion, but this was offset by significant growth in other segments, including Production Systems (up 24% to $12.1 billion), Reservoir Performance (up 9% to $7.2 billion), and Digital and Integration (up 10% to $4.2 billion) [2] Stock Performance and Valuation - SLB's stock has shown volatility over the past four years, with returns of 40% in 2021, 81% in 2022, -1% in 2023, and -24% in 2024 [3] - The forecast for SLB's revenues in fiscal year 2024 is $38.1 billion, a 5% year-over-year increase, with an expected EPS of $3.56, leading to a revised valuation of $48 per share, which is nearly 11% higher than the current market price [4] Industry Outlook - The oil and gas industry is expected to see a gradual correction in the oil supply imbalance, with promising investment outlooks in key regions such as the Middle East and offshore markets in Brazil, Guyana, Angola, and Norway [5] - Long-term investment in the industry will be supported by steady global economic growth, a focus on energy security, and increasing energy demand driven by emerging technologies like AI and data centers [5]

Core Insights - SLB reported Q4 2024 earnings of 92 cents per share, surpassing the Zacks Consensus Estimate of 90 cents, and showing an increase from 86 cents in the same quarter last year [1][3] - The company achieved quarterly revenues of $9.28 billion, exceeding estimates of $9.18 billion, and up from $8.99 billion year-over-year [1][3] - Despite strong quarterly results, SLB's stock has declined by 12.3% over the past year, contrasting with an 11% increase in the industry [1][10] Financial Performance - Q4 2024 earnings per share were 92 cents, beating estimates and up from 86 cents in the previous year [3] - Quarterly revenues reached $9.28 billion, surpassing estimates and improving from $8.99 billion year-over-year [3] Shareholder Returns - SLB's board approved a 3.6% increase in quarterly dividends and announced a $2.3 billion accelerated share repurchase program [4] - The company plans to return a minimum of $4 billion to shareholders in 2025 through dividends and stock repurchases [4] Market Challenges - A decline in the international rig count indicates reduced capital expenditure by exploration and production companies, impacting SLB's demand for services [6][8] - The company anticipates a downturn in North American upstream activity due to lower capital investments and sluggish natural gas markets [8] Geopolitical Risks - SLB's revenue from Russia has decreased to 4% of its global total in 2024, down from 5% the previous year, due to geopolitical tensions and sanctions [9] - The company has implemented measures to restrict operations in Russia, which may further hinder growth prospects in that market [9] Valuation Concerns - SLB's stock is considered relatively overvalued, with a trailing 12-month EV/EBITDA ratio of 7.74, compared to the industry average of 7.28 [13] - The stock's performance and valuation suggest potential for further price decreases [13][15]

Energy Policy Shift - The nomination of Chris Wright as Energy Secretary indicates a significant shift towards expanding domestic energy production, contrasting with previous administrations' views on energy as a liability [2][3] - Wright emphasizes the need to enhance energy production across various sectors, including commercial nuclear and liquefied natural gas, to compete globally [3][5] - The new administration's focus on energy production is echoed by Interior Secretary nominee Doug Burgum, who aims to maximize energy production from U.S. public lands and waters [4] Company Overview: SLB - SLB, formerly known as Schlumberger, is positioned to benefit from the anticipated shift in U.S. energy policy, highlighted by a recent 6% increase in stock price due to better-than-expected Q4 earnings [6][7] - The company operates in over 100 countries and is the largest service provider to the oil and gas industry, showcasing strong demand for its drilling equipment and technology [7] - SLB's Q4 performance reflects robust gains in its digital and integration business, underscoring its technological leadership and operational efficiency [7] Investment Potential - SLB's stock is currently trading at less than 11 times earnings with a 3% dividend yield, suggesting significant upside potential as it appears undervalued [8] - The company has announced a $2.3 billion stock buyback program and increased its dividend, indicating confidence in future growth [6][8] - With low debt levels and strong financials, SLB is well-positioned for the expected energy expansion in 2025, making it an attractive investment opportunity [8][9]

Financial Data and Key Metrics Changes - The company reported full year 2024 revenue of $36.3 billion, a 10% year-on-year increase, with organic revenue growth of 5% driven by international markets [31][32] - Fourth quarter revenue reached $9.3 billion, a 1% sequential increase, with adjusted EBITDA margin at a cycle high of 25.7% [35][36] - Free cash flow for the fourth quarter was $1.63 billion, contributing to a total of $4 billion for the year, and net debt was reduced to $7.4 billion, the lowest since Q1 2016 [11][40][41] Business Line Data and Key Metrics Changes - Core divisions grew by 9% year-on-year, with Production Systems leading at 24% growth and a margin expansion of nearly 300 basis points [12][31] - Digital & Integration revenue increased by 20% for the full year, driven by strong demand for cloud, AI, and digital operations [14][33] - Reservoir Performance grew by 9% year-on-year, while Well Construction revenue remained flat [13][38] Market Data and Key Metrics Changes - The Middle East achieved record revenue growth of 19% year-on-year, while North America saw a 1% decline in revenue [31][32] - International pretax segment operating margins improved by 44 basis points to 21.4%, with over two-thirds of international GeoUnits experiencing growth [32] - Revenue from low-carbon activities exceeded $850 million in 2024, with expectations for significant growth in 2025 [15][84] Company Strategy and Development Direction - The company is focused on diversifying its portfolio beyond oil and gas, with significant growth in low-carbon markets and data center infrastructure solutions [15][28] - The integration of digital solutions and technology investments is expected to enhance production recovery and operational efficiency [27][66] - The company anticipates steady global upstream investment in 2025, with a mix of growth and declines across various regions [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious approach from customers regarding near-term activity due to concerns about an oversupplied oil market, but expects this imbalance to gradually improve [17][18] - The outlook for 2025 includes flat revenue on a standalone basis, with adjusted EBITDA expected to be at or above 2024 levels [82] - The company remains optimistic about long-term growth in the Middle East and deepwater markets, despite short-term challenges [56][58] Other Important Information - The company plans to return a minimum of $4 billion to shareholders in 2025 through dividends and stock repurchases, reflecting confidence in financial performance [44][45] - The acquisition of ChampionX is progressing well, with expectations to close the transaction by the end of Q1 2025 [45][46] Q&A Session Summary Question: Outlook for international upstream spending - Management highlighted the Middle East as a bright spot for growth, offsetting declines in Saudi Arabia and Egypt, with long-term commitments to expand capacity [54][56] Question: Growth trajectory of production-driven business - Management expressed confidence in positive growth for Production Systems driven by production recovery and technology investments [61][64] Question: Sequential improvement in Q2 and overall activity shape - Management expects a typical low first quarter followed by a rebound in the second half of the year, particularly in international markets [73] Question: Operations in Russia and impact of sanctions - Revenue from Russia accounted for 4% of global revenue in 2024, down from 5% the previous year, with voluntary measures taken to curtail activity [75][76] Question: Clarification on 2025 guidance - Management confirmed that the 2025 guidance includes the divestiture of the Palliser asset, which has not yet closed [106] Question: Pricing outlook for 2025 - Management indicated that the market remains capital disciplined, supporting resilient pricing despite competitive pressures [110] Question: Opportunities for cost structure optimization - Management noted progress in executing a cost-out program, which has supported margin expansion, with ongoing monitoring for further efficiencies [113][115] Question: Growth opportunities in the digital business - Management outlined three growth pathways: digital operations, cloud transition, and data and AI, emphasizing the independence of these from CapEx and OpEx spending [125][133] Question: Update on Lumi platform adoption - Management reported strong interest and pilot programs for the Lumi platform, with early feedback being positive [142][145]

Core Viewpoint - SLB reported strong fourth-quarter 2024 earnings, exceeding expectations with earnings of 92 cents per share and total revenues of $9.28 billion, reflecting growth from the previous year [1][2]. Financial Performance - The quarterly earnings growth was driven by broad-based earnings growth and margin expansion, particularly in the Middle East and Asia, alongside advancements in AI and autonomous operations [2]. - SLB's free cash flow for the fourth quarter was $1.63 billion, with cash and short-term investments totaling approximately $4.67 billion and long-term debt at $11.02 billion [7]. Segmental Performance - Digital & Integration unit revenues reached $1,156 million, a 10% increase year over year, with pre-tax operating income of $442 million, up 24% [3]. - Reservoir Performance unit revenues increased 4% to $1.81 billion, with pre-tax operating income of $370 million, remaining flat year over year [4]. - Well Construction segment revenues fell 5% to $3.27 billion, with pre-tax operating income decreasing 12% to $681 million [5]. - Production Systems segment revenues amounted to $3.19 billion, up 9% year over year, with pre-tax operating income improving 14% to $506 million [6]. Outlook - SLB anticipates full-year 2025 capital investment to be approximately $2.3 billion, lower than the 2024 level of $2.6 billion [8].

Earnings and Revenue Performance - Schlumberger exceeded Q4 2024 earnings and revenue estimates with non-GAAP EPS of $0.92, beating the projected $0.90, and revenue of $9.28 billion, surpassing the $9.18 billion estimate [1] - Adjusted EBITDA grew by 5.1% year over year to $2.38 billion, while free cash flow increased by 1.9% to $1.63 billion [3] Business Overview and Growth Engines - Schlumberger is a global leader in oilfield services, focusing on Core, Digital, and New Energy growth engines, with an emphasis on energy transition, decarbonization, and technology innovation [4] - The company aims to enhance operational efficiency through digital integration and advancements in new energy areas like carbon capture and renewable technologies [5] Segment Performance and Geographic Trends - Digital & Integration division revenue grew 6% sequentially and 10% year over year, driven by demand for digital products and AI-driven solutions like the Lumi platform [6] - Well Construction segment revenue declined 5% year over year due to reduced drilling in regions like Mexico and Saudi Arabia [6] - North America showed strong growth with a 4% sequential and 7% year-over-year increase, while Latin America revenue declined 3% due to reduced drilling in Mexico [7] Operational Highlights and Financial Strategy - Adjusted EBITDA margin expanded, supported by digital integration, though some areas faced margin pressures from lower profitability in subsea production systems [8] - The company raised its quarterly dividend by 3.6% to $0.285 per share and increased its share buyback authorization to a minimum of $4 billion for the year [8] Future Outlook and Strategic Focus - Schlumberger expects continued momentum driven by digital growth and energy transition efforts, aiming to maintain strong EBITDA margins [9] - The company projects low to mid-single-digit international spending growth in 2025 and remains optimistic about steady market conditions [9] - Future earnings will be shaped by alignment with sustainable energy practices and ongoing technological evolution [10]

Earnings Performance - Schlumberger reported quarterly earnings of $0 92 per share, beating the Zacks Consensus Estimate of $0 90 per share, representing a 2 22% earnings surprise [1] - The company's earnings per share (EPS) increased from $0 86 per share a year ago [1] - Over the last four quarters, Schlumberger has surpassed consensus EPS estimates four times [2] Revenue Performance - Schlumberger posted revenues of $9 28 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1 17% [2] - This compares to year-ago revenues of $8 99 billion [2] - The company has topped consensus revenue estimates three times over the last four quarters [2] Stock Performance - Schlumberger shares have added about 7 2% since the beginning of the year, outperforming the S&P 500's gain of 1% [3] - The stock's immediate price movement will depend on management's commentary on the earnings call [3] Earnings Outlook - The current consensus EPS estimate is $0 72 on $8 83 billion in revenues for the coming quarter and $3 31 on $39 21 billion in revenues for the current fiscal year [7] - The estimate revisions trend for Schlumberger is currently unfavorable, translating into a Zacks Rank 5 (Strong Sell) [6] Industry Outlook - The Zacks Industry Rank for Oil and Gas - Field Services is currently in the bottom 16% of the 250 plus Zacks industries [8] - The top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8] Peer Comparison - Liberty Oilfield Services (LBRT) is expected to report quarterly earnings of $0 10 per share, representing a year-over-year change of -81 5% [9] - The consensus EPS estimate for Liberty Oilfield Services has been revised 23 7% lower over the last 30 days [9] - Liberty Oilfield Services' revenues are expected to be $980 77 million, down 8 8% from the year-ago quarter [10]

Financial Performance - Fourth-quarter revenue of $9.28 billion increased 1% sequentially and 3% year on year[4] - Fourth-quarter GAAP EPS of $0.77 decreased 7% sequentially but was flat year on year[4] - Fourth-quarter adjusted EBITDA of $2.38 billion increased 2% sequentially and 5% year on year[4] - Full-year revenue of $36.29 billion increased 10% year on year[4] - Full-year GAAP EPS of $3.11 increased 7% year on year[4] - Full-year adjusted EBITDA of $9.07 billion increased 12% year on year[4] - Revenue increased by 10% year-on-year to $36.289 billion, with international revenue growing by 12% to $29.415 billion[12][14] - Adjusted EBITDA grew by 12% to $9.070 billion, with international adjusted EBITDA increasing by 13% to $7.900 billion[12][14] - SLB's revenue for Q4 2024 was $9.284 billion, up from $8.990 billion in Q4 2023, with full-year revenue reaching $36.289 billion, compared to $33.135 billion in 2023[48] - Net income attributable to SLB for Q4 2024 was $1.095 billion, slightly down from $1.113 billion in Q4 2023, while full-year net income rose to $4.461 billion from $4.203 billion in 2023[48] - SLB's Q4 2024 net income (GAAP basis) was $1,095 million, with diluted EPS of $0.77[53] - SLB's full-year 2024 net income (GAAP basis) was $4,461 million, with diluted EPS of $3.11[54] - SLB's Q4 2024 revenue was $9,284 million, with pretax segment operating income of $1,918 million[57] - SLB's full-year 2024 revenue was $36,289 million, with adjusted EBITDA of $9,070 million[57] - SLB's international revenue for full-year 2024 was $29,415 million, with adjusted EBITDA of $7,900 million[60] - SLB's North America revenue for full-year 2024 was $6,680 million, with adjusted EBITDA of $1,592 million[60] - SLB's adjusted EBITDA was $2.382 billion in the fourth quarter of 2024, with an adjusted EBITDA margin of 25.7%[74][75] - SLB's adjusted EBITDA for the full year of 2024 was $9.070 billion, with an adjusted EBITDA margin of 25.0%, representing a 12% increase from 2023[77][78] - SLB's Core business revenue for the full year of 2024 was $32.677 million, a 9% increase from 2023, with Pretax operating income of $6.176 million, a 14% increase[80] Regional Performance - Middle East & Asia revenue grew by 18% to $13.026 billion, while Europe & Africa revenue increased by 13% to $9.671 billion[12][15] - Latin America revenue declined 3% sequentially to $1.63 billion, driven by reduced drilling activity in Mexico, partially offset by increased production system sales in Brazil[29] - Europe & Africa revenue increased 2% sequentially to $2.47 billion, supported by higher activity in Europe and North Africa, despite lower subsea production system sales in Scandinavia[30] - Middle East & Asia revenue grew 2% sequentially to $3.38 billion, driven by strong activity in the UAE, Egypt, and Qatar, offsetting weaker performance in Saudi Arabia and Australia[31] - North America revenue rose 4% sequentially to $1.75 billion, driven by higher digital sales and increased production system sales in the U.S. Gulf of Mexico[32] Division Performance - Digital & Integration division revenue increased 6% sequentially and 10% year on year to $1.16 billion in Q4[5] - Production Systems division revenue increased 3% sequentially and 9% year on year to $3.20 billion in Q4[5] - Production Systems revenue grew by 24% to $2.44 billion, driven by the subsea acquisition and organic growth in surface systems, completions, and artificial lift[17] - Digital & Integration revenue increased by 10% year-on-year, with digital revenue growing by 20% to $2.44 billion[20] - Digital & Integration revenue increased 6% sequentially to $1.16 billion, with digital revenue up 10% and pretax operating margin expanding 274 bps to 38.3%[33][34][35] - Reservoir Performance revenue declined 1% sequentially to $1.81 billion, with pretax operating margin expanding 35 bps to 20.5%[36][37][38] - Well Construction revenue decreased 1% sequentially to $3.27 billion, with pretax operating margin declining 70 bps to 20.8%[39][40][41] - Production Systems revenue increased 3% sequentially to $3.20 billion, with pretax operating margin decreasing 93 bps to 15.8%[42][43] - SLB's Digital & Integration division revenue for Q4 2024 was $1,156 million, with income before taxes of $442 million[57] - SLB's Well Construction division revenue for Q4 2024 was $3,267 million, with income before taxes of $681 million[57] Acquisitions and Contracts - SLB acquired the Aker subsea business, which generated $1.93 billion in revenue during the full year of 2024[10] - SLB secured major contracts with Shell, bp, and Petrobras, focusing on digital drilling, subsea integration, and deepwater well construction[44] - SLB secured a four-year contract with Staatsolie Maatschappij Suriname N.V. for the Delfi™ digital platform to enhance offshore team efficiency[46] - SLB signed a memorandum of understanding with PETRONAS to enhance AI, machine learning, and generative AI technologies for subsurface data management[46] Shareholder Returns and Cash Flow - Board approved a 3.6% increase in quarterly cash dividend to $0.285 per share[4] - Free cash flow for the year was $3.99 billion, enabling the company to return $3.27 billion to shareholders and reduce net debt by $571 million[14] - The company repurchased 38.4 million shares for $1.74 billion in 2024 and plans to increase total shareholder returns to $4 billion in 2025[24][25] - The company announced a 3.6% increase in its quarterly dividend to $0.285 per share, effective April 2025[27] - SLB's free cash flow for Q4 2024 was $1.631 billion, contributing to a full-year free cash flow of $3.990 billion, compared to $4.038 billion in 2023[51] - SLB's net debt decreased to $7.405 billion at the end of 2024, down from $7.976 billion at the end of 2023[51] - Cash flow from operations for the full year of 2024 was $6.60 billion and free cash flow was $3.99 billion[65] - SLB's Q4 2024 cash flow from operations was $2.39 billion, with free cash flow of $1.63 billion[64] Technology and Innovation - AI and autonomous operations gained traction, with the launch of the Lumi™ data and AI platform and the achievement of fully autonomous drilling operations[20] - SLB introduced Neuro™ autonomous geosteering and Stream™ high-speed intelligent telemetry, enhancing drilling efficiency and performance[45] - SLB's digital technology deployment in the US with Equinor and Sensia reduced subsurface model update times from months to weeks and days, and simulation runtimes from nine hours to 36 minutes[46] Carbon Capture and Sustainability - SLB's carbon capture and storage (CCS) hub in Jubail, Saudi Arabia, is expected to capture and store up to nine million metric tons of CO2 annually in its first phase, with construction completion by the end of 2027[47] - SLB Capturi™ achieved mechanical completion of a carbon capture plant at Heidelberg Materials' cement facility in Norway, designed to capture up to 400,000 metric tons of CO2 annually[47] - SLB Capturi completed a successful test campaign at WACKER's silicon production site in Norway, achieving CO2 capture rates of over 95%[47] Tax and Interest - "Interest & other income" for the fourth quarter of 2024 was $115 million, including $24 million from gain on sale of investment, $46 million from interest income, and $45 million from earnings of equity method investments[66] - Interest income decreased by $6 million sequentially to $46 million, while interest expense decreased by $5 million sequentially to $131 million in the fourth quarter of 2024[67] - The effective tax rate (ETR) for the fourth quarter of 2024 was 19.4%, compared to 19.2% in the third quarter of 2024[69] - The ETR for the full year of 2024 was 19.3%, compared to 19.1% for the full year of 2023[70] Capital Allocation and Guidance - SLB's capital investment guidance for full-year 2025 is approximately $2.3 billion[63] - Depreciation and amortization expense for the full year of 2024 was $2.519 million, including $1.551 million from depreciation of fixed assets and $481 million from amortization of APS investments[79] - SLB's forward-looking statements include financial and performance targets, growth forecasts for divisions, and expectations for oil and gas demand and production growth[84] - SLB anticipates improvements in operating procedures and technology, as well as capital expenditures in the oil and gas industry[84] - SLB's business strategies include digital initiatives and "fit for basin" approaches, alongside customer strategies[84] - SLB's capital allocation plans involve dividends and share repurchase programs, with a focus on APS projects and joint ventures[84] ChampionX Transaction - The acquisition of ChampionX is expected to strengthen production and recovery capabilities, enhancing the resilience of the SLB portfolio[19] - The proposed transaction between SLB and ChampionX is expected to bring benefits, with risks including business disruptions and challenges in retaining key personnel[85] - SLB and ChampionX face risks related to the integration of businesses and achieving anticipated synergies from the proposed transaction[85] - The transaction with ChampionX requires regulatory approvals, with potential delays or unfavorable terms impacting the deal[85] - SLB filed a Form S-4 with the SEC on April 29, 2024, which includes a proxy statement/prospectus for the ChampionX transaction[87] - The definitive proxy statement/prospectus for the ChampionX transaction was filed with the SEC on May 15, 2024, and mailed to ChampionX stockholders[87] - Investors are urged to review the Form S-4 and proxy statement/prospectus for important information about the proposed transaction[87]