Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
ChampionX Corp. sold its Corsicana, Texas, chemical manufacturing plant as part of The Woodlands, Texas-based company’s strategy to improve its balance sheet.
“The sale is consistent with our ongoing initiatives to optimize our global supply chain and improve the cost structure in our reservoir chemical technologies business for enhanced flexibility,” commented Sivasankaran “Soma” Somasundaram, president and CEO of ChampionX, in a company release on Sept. 7.
ChampionX sold the plant to RPM International Inc., a global leader in specialty coatings, sealants, building materials and related services. The transaction includes a supplier agreement with RPM to support ChampionX’s future manufacturing needs.
Deric Bryant, COO and president of chemical technologies for ChampionX, added, “We want to express our sincere appreciation to the Corsicana employees for their contributions to ChampionX over the years, and we believe they have great opportunities ahead. We are excited to be able to continue our strong relationship with the Corsicana team through a supplier agreement with RPM that will continue supporting our manufacturing needs in the future.”
Though terms of the transaction weren’t disclosed, Somasundaram said proceeds from the sale will be used by ChampionX to pay down debt and make further progress toward the company’s leverage target.
Parks Paton Hoepfl & Brown was adviser to ChampionX for the transaction and Katten Muchin Rosenman LLP provided the company legal counsel.
Recommended Reading
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
Proven Volumes at Aramco’s Jafurah Field Jump on New Booking Approach
2024-02-27 - Aramco’s addition of 15 Tcf of gas and 2 Bbbl of condensate brings Jafurah’s proven reserves up to 229 Tcf of gas and 75 Bbbl of condensate.
US Drillers Add Oil, Gas Rigs for First Time in Three Weeks
2024-01-19 - U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks
US Gas Rig Count Falls to Lowest Since January 2022
2024-03-22 - The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22.
Prairie Operating Acquires More D-J Basin Assets for $94.5MM
2024-01-15 - Houston-based Prairie Operating Co. is scaling its D-J Basin footprint with a $94.5 million acquisition of Nickel Road Operating LLC.